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Aldermore increases lending to SMEs

Date Added: 08/03/2011  

Accessing finance is remaining a difficulty for small to medium-sized enterprises (SMEs), but one British bank is claiming to be bucking the trend.

Philip Monks, chief executive officer at Aldermore, claimed that the bank has doubled the amount of money it lends to SMEs over the course of the last 12 months.

He explained that Aldermore is successfully showing that it is possible to lend to SMEs in the current financial climate.

"For years SMEs have complained that the small business banking market is uncompetitive and that small businesses get a raw deal," said Mr Monks.

He added that the way Aldermore has quickly been able to step in to support SMEs, as well as expanding quickly, shows that this may be the case.

As well as lending to companies, Aldermore offers savings accounts to consumers and protects their first £85,000 under the Financial Services Compensation Scheme.

It also claims to offer a fresh perspective on the mortgage market.

Posted by Michael Beam 

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