Printer Friendly

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".
COPYRIGHT 2011 MGN Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Business
Publication:Daily Post (Liverpool, England)
Date:Oct 18, 2011
Words:142
Previous Article:Help young sailors; emails &letters.
Next Article:QVC and Prince's Trust jobs course helps change young lives.
Topics:

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters