Wesleyan Bank ups funding to UK small businesses
The specialist commercial finance provider plans to make £50m additional funding available under its ‘Asset Heroes’ initiative.
The specialist commercial finance provider plans to make £50m additional funding available under its ‘Asset Heroes’ initiative.
UK specialist finance provider Wesleyan Bank is to make an additional £50m (US$65m) of funding available to British smaller businesses specifically seeking finance for asset-related purchases. The bank, set up in 1993 by the 175-years old Birmingham-based mutual the Wesleyan Assurance Society, said that its ‘Asset Heroes’ initiative will run to the end of 2017. It is part of the bank’s drive to help small and medium-sized firms grow and compete against larger, more established competitors and UK SMEs from any industry sector are eligible to apply for funding.
Wesleyan Bank offers flexible short-term and long-term finance solutions to enable 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. The aim is to ensure that ambitious firms can quickly access the equipment and technologies they need, when they need them, without impacting their cash flow or working capital by paying for new assets upfront.
“Given the uncertainty surrounding Brexit, it’s only natural for small businesses to be cautious about making a financial investment,” said Steve Deutsch (pictured), CEO of Wesleyan Bank. “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.”