ART reports 'record' funding month
Aston Reinvestment Trust (ART) has lent more than half a million pounds to businesses in Birmingham and Solihull in the last month.
The not-for-profit organisation said August produced 'record' lending figures.
ART lends between £10,000 and £50,000 to businesses in the region which struggle to access finance from the banks.
Steve Walker, chief executive of ART, said: "We have seen a steady increase in demand since the start of the new financial year in April, but August 2011 has been the busiest month for us in terms of loans actually made since we started lending in June 1997.
"There’s no pattern to the type of borrower – we’ve supported start ups and existing businesses, large and small, operating in a wide variety of market sectors. The only thing they have in common is that the banks have been unable to fully meet their needs."
He added that the fund had £200,000 worth of loans agreed and another £500,000 currently going through the applications process.
