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Wesleyan Bank to provide additional £50m to SMEs

Darius McQuaid | 07:28 Wednesday 26th July 2017

Wesleyan Bank has announced a new asset finance funding programme to help SMEs to grow and compete against larger, more established competitors.

Wesleyan Bank – which has doubled its net lending to UK SMEs since 2015 – has committed a further £50m of funding available to businesses which are specifically seeking finance for asset-related purchases.

The 'asset heroes' initiative will run until 31st December 2017 and UK SMEs from all industries are eligible to apply.

The bank is offering flexible short term and long-term finance to allow SMEs to invest in IT software and hardware, plant machinery, office equipment in addition to building refurbishments and relocations by spreading the cost over a period from one to five years.

This asset finance pledge follows on from the bank's second annual 'SME Attitudes to Finance' research which surveyed 538 SME owners.

The report covered a wide scope of topics, from the levels of optimism following the official beginnings of Brexit to growth and profitability.

Nearly a third (30%) of the firms in the survey that are planning future investments in the next 12 months are most likely to implement new IT software and digital technologies to increase efficiency.

But despite stating their desire to grow their business, only 21% of SMEs reported that they intend to borrow this year.

The biggest reason for not borrowing was fear of being in debt (57%) as well as greater financial pressures due to increasing operating costs over the past few months (40%).

Steve Deutsch, chief executive of Wesleyan Bank, said: “Given the uncertainty surrounding Brexit, it's only natural for small businesses to be cautious about making a financial investment.

“However, investing in new assets can often be the best way to boost revenues, attract and retain customers and strengthen a firm's competitive position.

“As a bespoke provider of commercial finance solutions, UK SMEs can be reassured that we are committed to assisting them to access the assets they need to grow and prosper as quickly, efficiently and painlessly as possible.”

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