Growth Street plans to inject £50m into growing Midlands businesses over the next 12 months. The announcement comes as Growth Street targets several key sectors for 2018, including manufacturing, wholesale and professional services.
The call to arms from chief executive Greg Carter follows an important landmark for the business, which has now matched £100m of loans between investors and borrowers since its launch in 2015.
“The Midlands is a UK manufacturing powerhouse, and we want to ensure that SMEs from Birmingham, Coventry, Wolverhampton and beyond are able to fulfil their potential with an investment boost. SMEs in the Midlands face an estimated £360m funding gap, and we are looking to contribute to closing this gap in the coming months.
“UK SMEs are working in uncertain times. With Brexit fast approaching, we believe that more than ever businesses need access to flexible finance, which can help mitigate risks as well as allowing fast-moving businesses to take advantage of opportunities.
“At Growth Street, we’re on a mission to not only give businesses access to this finance, but to provide the tools that will help take growing manufacturers in the Midlands to the next level.”
Growth Street is an alternative finance provider for growing SMEs. Growth Street’s flagship product is GrowthLine. GrowthLine is a flexible solution that allows companies to access capital when they need it and make repayments as often as they like within their limits.
The increasing use of accounting software, and secure data sharing via the cloud, allows Growth Street to better manage risk, while also simplifying administration and providing insights to borrowing businesses.
Commenting on the announcement, Greater Birmingham Chamber of Commerce chief executive Paul Faulkner said:
“We are delighted that Growth Street is planning to make this substantial investment in SMEs around the Midlands region over the next 12 months.
“Not only is it a further sign of business confidence across the Midlands, it reinforces the region’s status as a powerhouse for startups and SMEs.
“Initiatives like Growth Street are extremely important to provide local businesses with the tools they need to grow and flourish.”