Renaissance Asset Finance, a subsidiary of the private and commercial bank, Arbuthnot Latham, has confirmed its support for the specialist SME lender, One Stop Business Finance, with the completion of a block discounting facility, Renaissance AF said in a statement.
The revolving credit facility, which was completed in August, backs the Group with £5m to help them achieve their growth objectives.
The additional line of funding, which sits alongside private money, retained profits and other institutional finance, will enable the responsible lending firm to continue to make their flexible funding solutions more accessible to other businesses across England and Wales.
The business loan provider offers multiple facilities in a bid to support small businesses’ growth ambitions. The firm uses a consultative approach in its secured property-backed lending to find the correct solution, be that of working capital solutions (including invoice finance), bridging or development finance, amongst others, the company said in a statement.
This agreement is a strong endorsement of the development of One Stop Business Finance’s commitment to investing in business growth, operations, and risk procedures, whilst offering a personal approach to commercial finance, the press release said.
Andrew Mackenzie, Group Managing Director of One Stop Business Finance, said: “Through Paul Tagg and Tracey Blake, Renaissance has invested considerable time in One Stop Business Finance to get to understand our business. This has resulted in a mutual objective to build a long-term business relationship. In turn, this means that we can focus on sales growth knowing that we are fully funded in the medium term.”
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Paul Tagg, Senior Director of Block Discounting & Wholesale Products at Renaissance Asset Finance, said: “We are delighted at Renaissance Asset Finance to have completed the Revolving Credit Facility to assist One Stop Business Finance in achieving its lending objectives in the medium-term and to create a longer-term relationship seeing both businesses grow together.”