One of the leading UK providers of responsible finance business loans of between £26,000 and £150,000, Newable Business Finance, has announced record loan application volumes in June. London headquartered Newable Business Finance received applications to the tune of £20,000,0000 for and on behalf of UK small businesses.
Phil Reynolds, managing director of Newable Business Finance, said: “The purpose of Newable is to help businesses working at the heart of the UK economy thrive. We are excited to be supporting a record number of new brokers and their clients. It is clear that our high tech, high touch model of delivering responsible finance is proving very attractive in the market right now. It is a thrill to be able to support sound businesses with exciting ambitions.”
This comes at a time of mixed messages in the market. Peer to peer lender Funding Circle’s share price suffered a significant fall after it slashed revenue projections in half for the current year last week. Funding Circle blamed the uncertain economic environment for reducing demand from small businesses. Meanwhile disappointing services sector activity data has led economists to predict that the UK economy will contract in the quarter to end of June - the first such contraction since 2012.
Last month, Newable announced that it had secured a significant new wholesale funding facility from Shawbrook Bank and acquired the 50% stake held by Liberis to become the sole owners of Newable Business Finance.
One of the businesses receiving funding last month was a leading UK designer of Indian party wear. Chris Oram, Newable’s broker development manager, comments: “This is an established and successful business with two retail units and a strong online presence. They sought our assistance with a loan of £120,000 over 36 months in order to purchase additional stock in order to grow the business further, and we were delighted to assist.”
Newable Business Finance is now offering an enhanced broker commission for the three months commencing in July.