"Alternative finance continues to represent an extremely attractive proposition for SMEs looking to unlock growth across the country"
The commercial finance arm of Secure Trust Bank has doubled its lending balances over the last 12 months, funding in excess of £1bn in customer invoices during the period.
The firm’s interim financial results show that lending balances have risen to £187.5m in the year to 30 June 2018, up on the £94.2m seen the previous year.
This growth has enabled the firm to focus on expansion across the UK regions. Headquartered in Manchester, alongside the existing London site, the firm opened a Birmingham office in June to satisfy growing demand from SMEs, with a further base in Leeds set to open later this year.
John Bevan, managing director at Secure Trust Bank Commercial Finance, said: “Alternative finance continues to represent an extremely attractive proposition for SMEs looking to unlock growth across the country, many of whom require a flexible and tailored proposition when it comes to funding. Our relationship directors are experts in providing this, taking the time to understand both the objectives of the management teams that they work with and the often unique business challenges faced by our clients.
“To accelerate growth over the last 12 months is extremely pleasing, as we continue to solidify our reputation as one of the top 10 providers of asset based lending in the UK.”