Balances triple at Secure Trust Bank

Balances triple at Secure Trust Bank

Lending balances at Secure Trust Bank Commercial Finance have more than tripled in the first six months of 2016, as the bank reports record levels of profit.

The commercial finance arm agreed £54.5m worth of lending to SMEs in the year to June – up from £15.7m over the same period in 2015.

Secure Trust Bank, which is listed on AIM, launched its business lending division in September 2014. It was set up to provide a range of asset-based lending solutions with funding spanning from £500,000 to £30m.

The firm has provided funding to 28 companies in the first half of the year in a range of industry sectors. Secure Trust Bank continues to structure deals with the benefit of a full range of Asset Based Lending products and prides itself on direct access to decision makers.

Key deals over the period include providing a £1m package alongside SKG Capital to White Knight Laundry Services, a £700,000 invoice finance facility to Winsulate, a provider of asbestos and environmental compliance services, and a £5.85m multi-asset facility to Foodpack Limited (formerly Kapak Limited) alongside Seneca Partners. 

John Bevan, managing director at Secure Trust Bank Commercial Finance, said: “Our latest results are testament to the team’s ability to identify new funding opportunities for SMEs across the UK. Our business is now well established in the UK market and we’ve developed an excellent reputation for structuring deals in a short timeframe that meet the complex requirements of our customers.

“Our relationships with accountants, brokers and private equity firms continue to grow and we now have the capacity to finance deals with a ticket size up to £30m. As the business continues to expand and our loan book increases, we’re in an excellent position to work with more SMEs across the country.”

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