The Commercial Finance arm of the listed specialist Secure Trust Bank has seen lending balances rise to £313.3m in 2021, up 35.8 per cent from 2020 (£230.7m).
Revenues at the firm have also seen a considerable 14.5 per cent increase, rising to £17.4m in the calendar year (2020: £15.2m). In tandem, average lending balances increased 17 per cent whilst clients’ undrawn availability ran at historically high levels.
The firm’s performance was driven by healthy levels of new business and lower levels of client attrition, as it provided additional support to SMEs in the aftermath of the pandemic.
Notable deals completed by the firm in the first half of the year include a £16m invoice discounting facility for the world’s leading manufacturer of dash cams, Nextbase, and a £21m asset-based lending facility to support the growth of fresh fruit company Orchard House Foods. The firm also delivered a £17m boost to furniture retailer Moda Furnishing and a £10m funding deal for international exporter and manufacturer Denby Pottery.
The Commercial Finance division of the FTSE-listed bank provides a full-suite of flexible asset-based lending and invoice finance products, ranging in size from £3m to £50m, for both SMEs and larger businesses.
Originally established in 2014, the lender now operates across the country with offices in Leeds, Birmingham, London and Manchester. Using its network of regional offices, the team at Secure Trust Bank Commercial Finance works closely with management teams to provide flexible asset-based lending solutions tailored to each business.
David Parsons, regional managing director for the Midlands at Secure Trust Bank Commercial Finance, said: “It’s been a positive year of recovery for SMEs across the UK, with access to finance a vital tool as many sought to adjust to new market forces. Throughout this period of adjustment, our focus has been on supporting our clients with flexible funding packages that are tailored to their needs and conducive to success.
“Taking the time to thoroughly understand a business and its unique challenges has been vital. The growth in our lending balances and revenues is testament to the strong partnerships we’ve developed this year, as we look to deliver the best outcomes for the businesses we work with.”
The post Secure Trust Bank Commercial Finance surpasses £313m in lending balances first appeared on Connect East Midlands.