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September 27, 2017updated 29 Sep 2017 3:32pm

STB reaches £60m in lending to North West SMEs

Secure Trust Bank's (STB) commercial finance division has provided £60m in facilities to SMEs in the North West since launching its lending arm in 2014.

By Lorenzo Migliorato

Secure Trust Bank’s (STB) commercial finance division has provided £60m in facilities to SMEs in the North West since launching its lending arm in 2014.

The bank has worked with a total of 35 SMEs in the region. Among them was property assessment and restoration company Independent Inspections Group, based in Preston, which STB provided with a £1.75m funding line for increasing working capital and assisting in a private equity transaction.

Other clients of STB’s in the region include Winsulate in Manchester, providing asbestos removal and environmental compliance services, and Ventilation Surveys and Services in Liverpool.

Sean Powell, national sales director at Secure Trust Bank Commercial Finance, said: “Accessing funding is without a doubt one of the major barriers to SME’s achieving their growth ambitions, so it is extremely pleasing to be able to provide such a significant sum to support the region’s development.

“From its traditional manufacturing roots to its prospering technology future, the North West is home to some of the most innovative businesses. Building relationships has been crucial to our success, both with ambitious management teams and the wider business advisory community, and this will continue to be a key focus for us as we push towards the £100m mark in the region.”

On a national scale, STB Commercial finance has lent asset-based facilities in excess of £150m. Beneficiaries other than businesses have included private equity funds looking to complete management buyouts.

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