Skipton Business Finance unveils £25m Midlands fund
The invoice finance arm of Skipton Building Society has announced plans to open a centre in Birmingham, pledging £25m to support regional businesses.
Skipton Business Finance will establish its regional centre at Baskerville House in Centenary Square.
The company said it would make £25m available to support owner-managed businesses in the Midlands. The £25m fund, backed by parent Skipton Building Society, has been set aside for service, manufacturing and distribution businesses.
Skipton will offer funding ranging from £100,000 to £3m to companies which sell goods or services to other businesses on standard credit terms.
Greg Bell, managing director, said: "The announcement of a new player in the Midlands corporate finance scene without demonstrating proof of funds to actually lend is a little like announcing the opening of a state-of-the-art retail complex without having any stock to sell.
"That’s why we’re happy to enter Birmingham and announce that money is available and we intend to advance it."
