"SMEs need funding on the right terms and at the right time, delivered by lenders who will ensure the needs of each individual business are prioritised."
Kingsway Finance, part of Praetura Group’s lending division, has announced a new £10m block discounting funding facility from British Business Investments.
Th new £10m facility from British Business Investments will enable Kingsway Finance to increase its funding capacity to small and medium-sized businesses across the UK.
Kingsway Finance recently announced its formal accreditation as a lender for the new iteration of the government-backed Recovery Loan Scheme (RLS) by the British Business Bank.
Based in the North West, Praetura Group’s lending division, which includes Praetura Asset Finance, Kingsway Finance, Praetura Commercial Finance, Praetura Invoice Finance and Zodeq, supports clients across a range of industry sectors with a range of SME funding solutions ranging from £5,000 to £25m.
Paul Bradbury, commercial director of Kingsway Finance, said: “Over recent years at Kingsway Finance we have seen the range of businesses our funding has been able to assist significantly increase. This new funding facility from British Business Investments will enable that trajectory to continue, so that more brokers and their SME clients can benefit not only from the funding we offer, but the exemplary service levels that we pride ourselves on providing.”
Peadar O’Reilly, CEO of Praetura Group’s lending division, commented: “SMEs need funding on the right terms and at the right time, delivered by lenders who will ensure the needs of each individual business are prioritised. This new facility with British Business Investments will help more brokers, advisers and their SME client fulfil their potential.
Judith Hartley, CEO, British Business Investments, added: “This £10m block discounting agreement with Kingsway Finance supports British Business Investments’ mission to increase the diversity and supply of finance for smaller businesses in the UK. Independent operators like Kingsway Finance help diversify the UK’s smaller business finance markets and provide more choice for businesses. We look forward to continuing to work with Kingsway to help smaller businesses across the UK get funding for the assets they need to grow.”
