A new bank has just been launch which will be targeting established SME’s and issuing them loans, secured against the company’s commercial property. It also has intentions of launching professional firm financing and competitive savings accounts.
This is a perfect time to launch, due to how difficult SME’s are finding it to secure finance. In the second half of 2011 alone, analysis show that banks rejected over 60,000 loan and overdraft applications from SME’s.
The average loan that will be available will be circa £50,000 to £1 million and will be available to businesses that typically have an annual turnover of less than £25 million including assets valued under the amount.
Currently the bank will be focussing on companies based in Cambridgeshire, Leicestershire and Northamptonshire, although they will have a national broker coverage model.
This is a very exciting prospect for SME’s, however if you are not fortunate enough to be able to secure some of the new bank funding, then, as an alternative contact Beer & Young. Beer & Young have a large network of private investors that may be able to help you!
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