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Aldermore boosts business lending

Date Added: 18/08/2011  

Companies fearful they may be facing a winding up order could be tempted to apply for business lending from Aldermore after the company revealed a healthy set of figures.

The facility announced it is breaking all of its expectations for the year so far, lending £360 million to small and medium-sized enterprises (SMEs) over last 12 months.

Ian Wilkins, group managing director of commercial finance at Aldermore, pointed out this coincides with news from many of the UK's major banks that they are way behind the targets set by the Project Merlin agreement.

"Aldermore offers specialist financial support to SMEs, which enables them to purchase assets such as plant and equipment, improve their cashflow and acquire business premises," he said.

Mr Wilkins claimed the new figures reveal the commitment Aldermore has shown to lending to small businesses since it began offering the service two years ago.

Almost 10,000 firms are already customers of the bank, which has eight regional offices, spread out around the UK.

Aldermore also claims to offer a fast and reliable service to companies applying for loans, meaning bosses may not have to play the waiting game as they hold on to see if they have been successful in applying for finance.

"Our asset finance business, which only started lending last year, boosted the bank's balance sheet by £100 million, with £32 million of new loans being written last month," added Mr Wilkins.

Earlier this month, Aldermore revealed it has approved an application for a £1.2 million loan from Yorkshire-based PDA Marketing Limited, which was set up 17 years ago.

Calvin Dexter, Aldermore's regional sales director in Yorkshire, stated he expects the PDA to grow quickly as a result of getting the green light for the funding, while the chairman of PDA Phil Downing described the bank as a "revelation".

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Posted by Julie Cutts 

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