The facility will give the lender flexibility to grow the number of SMEs it can support with its asset finance product.
Ultimate Finance has provided over £45m of asset finance funding to businesses in 2021, which is up 20 per cent on 2020.
It has also increased the maximum facility size from £1m to £1.5m.
Neil McMyn, chief financial officer at Ultimate Finance, said: “We’ve enjoyed a strong relationship with HSBC and extending our asset finance wholesale funding facility through to 2024 puts us in an enviable position in our market, to drive growth in our loan book through increased lending to SMEs going into 2022.”
Oke Uwakwe, director of structured finance at HSBC, added: “HSBC is pleased to be able to extend this funding facility to allow Ultimate Finance to continue supporting UK SMEs through the economic cycle.”