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Tungsten asks for help to lend

TUNGSTEN, the invoicing company that recently acquired a banking licence, has applied to the British Business Bank for up to £50 million to help it provide invoicing finance to small firms.

If the company gets the full amount, it will be the biggest ever funding assistance provided by the government-run Business Bank. Five groups have been given a total of £108m to help improve lending to small companies.

Tungsten, which listed shares in London in October, said it was also talking to institutional investors.

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