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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Close Brothers’ banking division reports 6.6% loan book growth
Close Brothers Group PLC has revealed that its banking division has seen a 6.6% growth in its loan book in the 11 months to 30th June 2018...
Leeds introduces two-year fixed rate BTL product
Leeds Building Society has launched a two-year fixed rate buy-to-let (BTL) mortgage product as part of a wider refresh of its 70% LTV BTL range...
Just 20% of Brits would opt for a challenger bank
Only 20% of UK residents would opt for a challenger bank if they were opening a new account today, according to research from Equifax...
Santander to form digital investment banking team
Banco Santander has announced that a new digital investment banking team will be formed within Santander Corporate & Investment Banking...
Metro Bank introduces developer portal
Metro Bank has launched a new developer portal for FCA-registered third parties wishing to build services on top of its APIs...
Wesleyan Bank appoints new head
Wesleyan Bank has appointed David Brownbill (pictured above) as its new head of indirect sales...
Arbuthnot announces profit surge
Arbuthnot Banking Group has reported a half-yearly profit before tax of £3.5m for the six months to 30th June 2018, up from the £2.5m recorded during the same period last year...
Temenos extends contract with Northern Trust
Temenos has signed a multi-year contract with global financial services company Northern Trust...
TSB adds new director to board
TSB Bank PLC has announced the appointment of Andy Simmonds (pictured above) as an independent non-executive director...
60% of Brits want ‘peace of mind’ when using cards online
Three-fifths of Brits (60%) want ‘peace of mind’ – regarding online security and fraud prevention – when using cards online, according to recent research...
Tandem reaches 250,000 customers
Tandem has announced it now has 250,000 customers across its cashback credit card, fixed term savers and account aggregating banking app...