Simply Asset Finance extends funding line with Lombard
Simply Asset Finance, a specialist SME lender, has extended its funding partnership with Lombard, part of NatWest Group, to broaden access to finance for the UK’s SMEs.
During the first phase of the partnership spanning five months, £25m of funding was advanced using a wholesale facility from Lombard, providing businesses with hire purchase and finance lease products.
Approximately 90% of the funding has been deployed to businesses outside London and the South East, including 20% to SMEs in the North West, alongside demand across Scotland, Yorkshire and the South West.
The partnership begins its second phase with improved technology that the firms said will deliver cost and time efficiencies.
They aim to explore further opportunities to extend both businesses’ joint capabilities, with a focus on distributing funding solutions to entrepreneurs in new communities across the UK.
Ylva Oertengren, chief operating officer at Simply Asset Finance, said: “The first five months have given us a strong start and shown what is possible when the right funding structure is matched with the right customer experience. But this is only the beginning.
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“Getting access to the right funding is the key to unlocking the UK’s growth potential, and our focus is on doing everything we can to back the entrepreneurs and business builders who are investing, innovating and creating jobs. This next phase gives us more scope to do just that, and we want to keep pushing the boundaries of what good SME finance can look like.”
