Business lender (ART) sees increase in business loan applications

Published
14/07/2014 by

Business lender, ART (Aston Reinvestment Trust), has seen the volume of loan applications logged by West Midlands based businesses reach record levels in the first quarter of 2014/15.

Further good news from the West Midlands business lender is that it has seen actual loan delivery also increase by some 47% in the year 2013/14. As a direct result such increases it has led the business lender to seek to recruit an additional Loans Manager to cope with the workload.

 

Business lender, ART (Aston Reinvestment Trust) says the future is bright

 

It also looks like that continued and further expansion could well be on the cards as the West Midlands business lender said growth looked set to continue in the year ahead.

Chief executive Steve Walker of the business lender (ART) commented that “We are witnessing fewer applications from start-up businesses, but substantially more from businesses which are turning to us to support their growth plans.”

ART which at the start of 2014 moved to new offices within Aston Science Park in Birmingham looks to lend up to £100,000 with any business purpose being considered. However, the loan period(s) with the maximum being of seven years is ultimately dependant on business purpose. The business lender is particularly keen to help borrowers create or protect jobs in the West Midlands. Businesses thus far supported come from a wide range of sectors, with many taking full advantage of the opportunity offered by the business lender to repay their loans early without penalty. This as a direct result, of course, provides ART with the added opportunity to recycle its loan funds, by lending to new business borrowers and in turn support more jobs.

Steve Walker  also went on to say “There is strong evidence that there remains a large gap in the market left by the banks and some of the new entrants, such as peer-to-peer lenders and crowd funders, for funding of businesses with loans up to £100,000.”

“Which is where we come in?  The trend for packages of finance is continuing to grow, with many businesses finding that the finance they need, can come from a range of providers such as ART, the banks and a number of alternative funding sources working together.”