Conister focusing on green sector businesses after agreeing loans worth a total of £4m
- Conister supporting companies in the green sector as the UK transitions to a low carbon economy
- Conister is also in the process of structuring a further loan of £5.5m
- Represents Conister’s ongoing strategy to support companies in resilient sectors in the wake of wider economic uncertainty
Conister Finance & Leasing (Conister), part of Manx Financial Group (AIM:MFX), today announces that it has completed two loans to fund green sector small and medium sized businesses (SMEs) worth a total of £4m and is in the process of structuring a further loan of £5.5m.
Conister has agreed a £2m facility for Propensio Finance Limited (Propensio), a specialist provider of point of sale and consumer finance in the home improvements sector. The loan will enable Propensio’s customers to have access to affordable finance to purchase renewable energy products such as solar panels, battery storage, air source heat pumps, and insulation.
Conister has also agreed a £2m facility for BeWarm Group Limited (BeWarm), specialists in the supply, installation, servicing and safety checks on reliable ‘A’ rated, energy efficient boilers for customers. The loan will allow BeWarm to offer financing solutions to its customers through the specialised ‘BeWarm Heating Plan’ which provides the consumer with a low-cost hassle-free plan that spans the economic life of a boiler.
As part of its ongoing strategy to support companies in resilient sectors in the wake of wider economic uncertainty, Conister has identified green sector businesses as strong candidates for funding as the UK moves towards developing a circular economy with a view to becoming carbon neutral by 2050. Through green corporate loans, green car loans and offering green loans for energy efficient buildings or modifications, Conister is providing funding support to companies with a focus on renewable energy, energy efficiency solutions, pollution prevention, and sustainability with an aim to incentivise customers who embrace change.
Douglas Grant, director of Conister, commented: “SMEs have shown an incredible amount of adaptability and resilience in the face of changing consumer behaviour from the COVID-19 pandemic, and we are particularly pleased to announce these latest funding deals as they represent continued support of SMEs aiding in the UK economy’s transition to a carbon neutral economy while also reducing customers’ household bills in what is a challenging economic climate.
Dave Hindle, chief executive officer of Propensio, said: “There has been ongoing government support to those companies most affected by the pandemic and we are committed to providing flexible financing solutions to all our clients adapting to meet the change in consumer demand.
“We’re really thankful to Conister for backing us on this project. The board and shareholders had made a firm commitment to supporting this market with funding packages for customers as part of our own green strategy. Unfortunately, many wholesale funders have been reluctant to support lenders like us in this space due to historical legacy issues in the consumer renewables industry. This is a whole new market now and we’re delighted that Conister recognise that and are solidly alongside us as we aim to make these products more widely available to everyone.”
Rory Duff, founder and chief exectuvie officer of BeWarm Group added: “We’re very pleased to be working with the team at Conister. Our facility will help BeWarm deliver on its mission to unlock the investment needed to make our homes cheaper to run, more comfortable, safer and greener.
“The money will purchase energy efficient heating systems, which are at the heart of every home. Every new BeWarm Heating Plan provides work for trusted local heating engineers and peace of mind for homeowners.”