Secure Trust Bank Commercial Finance has now surpassed £4bn in total lending since launching in 2014.
The specialist bank has funded £1bn worth of customer invoices in the past year, achieved an average of 85% year-on-year growth since its establishment and seen its headcount increase from six to 30.
Secure Trust Bank’s commercial arm provides a full suite of asset-based lending facilities to businesses across the UK, ranging in size from £1m to £50m and also provided £220.7m worth of funding to UK businesses up to 30th June 2019 — a rise of £33.2m on the same period last year.
John Bevan, managing director at Secure Trust Bank Commercial Finance (pictured above), said: “The commercial finance business has completely transformed since our inception.
“When we started out, our maximum loan size was £15m, which has since risen to £50m, demonstrating our size and scale in the market.”
John highlighted that its expansion into Yorkshire and the Midlands was a “driving factor” behind the bank’s growth.
“Having a base in each of the UK regions has enabled us to offer a better service to the businesses we work with which, coupled with our flexible approach to lending, has led to huge increases in facilities we fund.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...