Capital on Tap secures up to £200M funding facility from NatWest backed by the British Business Bank

Capital on Tap has agreed a funding facility of up to £200 million from NatWest. Part of NatWest's senior commitment is backed by the British Business Bank's ENABLE Guarantee programme, which gives lenders a government-backed guarantee on defined portfolios in exchange for a fee.

Capital on Tap has offered business credit cards to UK small businesses since 2012. More than 300,000 customers have used its card for around £40 billion of transactions in the UK. CEO Damian Brychcy said the deal gives the company more capacity to provide working capital to small business owners.

NatWest's George Ross, head of speciality finance, said the guarantee will support SME lending through credit card receivables. As of October, the ENABLE Guarantee programme had completed 23 transactions with 16 delivery partners and supported more than £7 billion of lending.