Funding levels rise at Aldermore
Aldermore, which has an office in Birmingham, said it has increased the amount of lending it provides to small and medium sized businesses by 14 per cent in the last three months.
At the end of the last quarter, the bank had outstanding loans to small businesses of £468.7m compared to £410.2m three months earlier.
Over the past 12 months, the bank's loan book has increased by 75 per cent from £268m at the end of March 2010.
Asset finance is one of the strongest divisions of growth for the bank, with funding provided to SMEs through the mechanism by 29 per cent in the last three months
Phillip Monks, Aldermore’s chief executive, said: “We are having no real problems in taking on the kind of sensibly priced and low risk SME lending that we set out to target.
“The relative ease at which we are beating our growth forecasts is proof that we have established a very successful and efficient business banking platform. Small businesses clearly like the service that we are providing them with.”
Aldermore was the first of the new wave of 'post credit crunch banks' to be launched in the UK.
