UK lender United Trust Bank has extended its asset finance provision to include engineering and manufacturing equipment.
Until 2011, the bank had primarily limited its asset finance operations to the agricultural sector, but it has since expanded into wheeled and tracked equipment including bus & coach, construction equipment, high performance cars, cars and commercial vehicles, and will now offer funding for engineering equipment including CNC machinery.
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The company said the decision to expand its asset finance offering was a consistent with its ambitions to grow its business, following a successful year in 2013.
A poll carried out by the bank also found 82% of brokers predicted SME demand for asset finance will grow over the next three years, while 73% looked forward to expanding their business in 2014.
Martin Nixon, head of asset finance at United Trust Bank, said: "Having consulted with a number of broker partners to see if there’d be demand for United Trust Bank to start lending on engineering equipment we found the feedback to be very positive."
He added that the bank has already carried out several transactions financing CNC machinery and has others in the pipeline.
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By GlobalData"We recognise that there’s a significant and continuing demand for bespoke asset backed funding delivered with a swift turnaround and exceptional broker service and we aim to capitalise on that demand by continuing to develop the team and our offering," he added.
