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Wesleyan Bank hails major response to launch of £50 million SME growth fund

Time is running out for UK small and medium sized firms to take advantage of a new £50 million asset finance funding initiative as they plan their business strategy for 2018.

The 'Asset Heroes' growth facility, launched by specialist commercial finance provider Wesleyan Bank in July, has so far allocated over half of the pledged £50 million of funding to assist businesses who are specifically seeking finance for asset-related investments. The scheme will run until 31 December 2017 and UK SMEs from any industry sector are eligible to apply for funding.

Wesleyan Bank has doubled its net lending to UK businesses since 2015. The company's 'Asset Heroes' campaign has so far supported product and service-based businesses to buy a wide range of assets to increase efficiency and strengthen their competitive advantage. This has included providing finance to support investment in a renewable energy plant, high-spec machinery, IT software, office furniture and more.

Steve Deutsch, Chief Executive of Wesleyan Bank, comments, "We have received a great response and want to assist as many businesses as possible with convenient access to finance to accelerate their ambitions. Based on our own research, more SMEs are willing to explore the plethora of funding options available to them and see the value of asset finance solutions to purchase new equipment and technology to fulfil their potential."

Tailored asset finance solutions from alternative SME lenders can cover all types of investment. By electing to pay over time, typically from one to five years, businesses can benefit from having greater flexibility and control over their finances without affecting their existing day-to-day banking lines. In addition to offering firms access to equipment without the constraints of large upfront costs, specific asset finance solutions often represent a more tax efficient means of investing for business owners.

Wesleyan Bank's asset finance commitment follows on from the company's annual SME Attitudes to Finance research carried out earlier this year which surveyed 538 SME owners, from first time and experienced business owners to serial entrepreneurs. The findings revealed that despite current political and economic instability, many UK SMEs are feeling optimistic. 37% stated they were 'confident' about their business's prospects while just under a quarter (24%) admitted they were feeling 'very confident'. In contrast, just 12% of firms said they were 'concerned'.

Deutsch adds, "According to our findings, over two-thirds of UK businesses anticipate growth of over 10% in the coming year which is encouraging given the uncertain economic climate. External finance solutions from trusted SME financial lenders can be an important enabler to helping businesses to expand and compete on a level playing field with larger, more established competitors.

"SMEs can also be reassured that Wesleyan Bank is committed to fulfilling all of their alternative finance requirements and we would urge more to contact us before 31 December to discuss their planned investments for next year and beyond."

Wesleyan Bank provides comprehensive short, medium and long-term finance solutions for SMEs to cover cash flow expenditure, investments in IT and specialist equipment, partner equity loans, business acquisitions and commercial mortgages.  As part of the Wesleyan group, the company also offers no obligation business financial health checks from a qualified financial adviser.

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

Click for more information about the Wesleyan group of companies.

© 2018 Wesleyan Assurance Society