UK-based Shawbrook Bank has structured a £10m ($13.4m) funding line to support Portman Finance Group’s expansion into direct small and medium enterprise (SME) lending.
The facility, arranged by Shawbrook’s Specialist Finance team, will be used by Portman to “scale up its business and broaden its facilities in the UK SME market”.
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Set up in 2007 by Alex Read, Portman has transitioned from a brokerage to a lender, supporting more than 20,000 SMEs with more than £1.5bn in funding since inception.
The company also aims to broaden its SME loan offerings and assist with larger, longer-dated loans.
Shawbrook’s structured lending director Chris Clarke said: “Right from the start, Portman’s Board demonstrated they had built a strong, experienced group and their robust systems and data-led approach aligned perfectly with our vision.
“We believe that this funding line is only the start of a long and prosperous relationship, and we are pleased that Shawbrook have also joined the Portman Broker panel, which reflects our commitment to this client.”
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By GlobalDataShawbrook’s specialist finance team collaborated with Portman’s leadership, including founder Read, directors Simon Pratt and Ben Laidler, and finance director Mark Craigen, to create a tailored block facility.
Read added: “We are delighted to have Shawbrook as a partner as we look to grow and expand our offerings. This funding line is crucial for us to achieve our ambitious plans and to assist even more SMEs across the UK.”
In a separate development, the British Business Bank announced a £10m investment in Shawbrook’s £75m Tier 2 note issuance last month.
The investment followed a previous £30m subscription to Shawbrook’s Tier 2 note issuance in 2020.
These investments are designed to support recipient banks in expanding their services and increasing finance supply to smaller UK businesses.
With the capital raised through this issuance, Shawbrook plans to continue supporting growth in its specialist small business markets, reinforcing its role in the SME finance sector.
