Monday, 17 October 2011

£250m Boost for SMEs from new Bank

A new Bank , Shawbrook Bank, was launched today that has raised £250m with the aim of kick-starting lending to SMEs. The Bank is the amalgamation of 3 existing savings and lending businesses, one of which is Whiteaway Laidlaw based in Manchester, RBS has invested in this new Bank and is providing a large proportion of the funding through its equity funding division.
Shawbrook is aiming to plug the financing gap for SMEs that are struggling to secure funds from traditional lenders. They aim to lend £250m over the next 12 months. Instead of a loan taking anything up to 3 months to come through they aim to complete the process in 12 days.
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