SME business lending platform pledges cash injection to boost growth
Growth Street, a business lending platform for UK SMEs, has announced plans to inject £50m into Midlands firms during the next 12 months.
The announcement follows an important landmark for the lender, which has now matched £100m of loans between investors and borrowers since its launch in 2015.
Chief executive Greg Carter commented: “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 help close this in the coming months.
“UK SMEs are working in uncertain times. With Brexit fast approaching we believe that, now more than ever, businesses need access to flexible finance which can help to mitigate risks and allow them to take advantage of opportunities. We’re on a mission to not only give businesses access to this finance, but to provide the tools that will help to take growing manufacturers in the Midlands to the next level.”
Growth Street’s flagship product is GrowthLine, a flexible solution designed to let companies access capital when they need it and make repayments as often as they like within their limits.
Greg added: “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.”