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New lender targets small businesses.

A SAVINGS and lending bank launched yesterday with the aim of making it easier for credit-worthy small businesses to borr ow cash.

Shawbrook Bank, for med by the merger of three existing lenders and backed by RBS Equity Finance, will offer secured loans to businesses as well as savings accounts and secured loans to individuals.

It will not offer current accounts.

The bank, based in Essex, will aim to lend more than pounds 250m to small and medium sized enterprises (SMEs) over the next 12 months, and will operate through brokers rather than a branch network.

Shawbrook launches as the banking sector comes under pressure to increase its lending, especially to SMEs, and as the Gover nment faces criticism for not doing enough to boost the supply of credit.

Shawbrook said lending to SMEs will "lie at the core of its business".
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Title Annotation:Business
Publication:Daily Post (Liverpool, England)
Date:Oct 18, 2011
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