Business Lending Exchange boosts SMEs11/12/2017
Britain’s small and micro businesses have been given a boost with the announcement of a multi-million pound deal which sees asset finance lender The Business Lending Exchange (BLX) reach an agreement with Isle of Man-based Conister Bank for a £4m funding facility. The deal between BLX and Conister was structured by Zac Cogan, managing director of Corporate Asset Solutions Ltd, a specialist provider of financial services and solutions to the sector.
The new facility will immediately be put to work with BLX looking to lend to a customer base of start-ups, sole traders and small businesses with advances of between £1,000 and £30,000. It is also promising to give a decision within one hour of receiving an enquiry and lends money secured on assets such as vehicles and machinery.
BLX lends to organisations finding it difficult to secure finance elsewhere, allowing them to acquire assets or raise capital. BLX chairman John Stickley, who founded the Huntingdon-based company more than ten years ago, said, “I am appalled at the way the High Street Banks treat small businesses which are the backbone of the British economy by strangling them of the finance many of them need to allow the enterprises to grow and flourish. It was this attitude that prompted me to set up BLX in the first place.
“I am thrilled with our new partnership with Conister Bank which will help us to meet the huge demand for our services. It is very satisfying to be able to make a loan, even for a few thousand pounds, to a start-up business, or a sole trader as it can make a massive difference to their future prospects.”