Genesis Asset Finance has secured a new £1m block discounting facility from Wesleyan Bank.
The additional funding will enable Genesis to continue to support businesses under the Coronavirus Business Interruption Loan Scheme (CBILS), as well as underpinning its own growth ambitions.
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To date, Genesis has approved over £1.1m of CBILS facilities for existing and new customers in a range of sectors across England and Wales. Since its formation in 2000, the independent family-run business has provided over £10m of funding to UK SMEs.
Wesleyan Bank launched its block discounting offering at the beginning of this year. Despite the impact of Covid-19, it has approved several significant wholesale finance facilities for asset-related investments and general working capital requirements. Also, the specialist commercial finance provider has expanded its back-office support and wholesale expertise to meet rising demand.
Richard Baker, head of block discounting at Wesleyan Bank, said: “We’ve remained open for business and have been talking to potential new customers throughout the pandemic.
“In addition, we’ve utilised this period to proactively develop and speed-up our internal processes and systems. We’re building facilities around our partners’ needs and are pleased to complement Genesis’s existing portfolio of wholesale funders.”
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By GlobalDataAndrew Frost, director at Genesis Asset Finance, said, “This new facility from Wesleyan Bank complements our existing financing sources and enables us to continue to support businesses let down by other lenders at a time of significant economic uncertainty.”
The government has recently published statistics that show over 1.2m businesses have to date benefitted from loans and guarantees worth £52.65bn through schemes delivered by the British Business Bank.
This includes 1,174,854 Bounce Back Loans worth over £35bn, 60,409 facilities worth almost £13.7bn through CBILS and 516 facilities worth £3.5bn through the CLBILS.
