Among the issues discussed were access to finance, competition in banking and how innovation can improve services for businesses.
Aldermore, which was established in 2009, employs nearly 30 people in Birmingham and supports more than 16,000 customers across the West Midlands. The Bank’s Birmingham team offers a range of lending services to business customers, including invoice finance, asset finance and commercial mortgages, and are actively looking to increase the support they provide to help businesses to realise their growth ambitions.
The Minister’s visit coincides with the release of Bank of England data, highlighting the amount lent to SMEs under the government’s Funding for Lending Scheme, which shows that in 2015, Aldermore was the third largest provider amongst participants of the scheme.
The Minister also met with local Aldermore customers, Alan Hunt, Director of independent finance company Capex Finance and Gary Morton, Managing Director of West Bromwich-based Central RPL, a manufacturer and supplier of doors, windows and conservatories in West Bromwich.
Phillip Monks, Chief Executive at Aldermore, said:
“We were delighted to welcome the Minister to Aldermore to see first-hand the support we are providing for SMEs in Birmingham and across the country. The majority of our SME customers are based outside London and the South East and have been poorly or under served by financial services in the past. Ensuring these businesses continue to receive the capital and support they need to grow is absolutely essential for the future of the UK economy, and this was something we discussed at length with the Minister today.”
Economic Secretary to the Treasury, Harriett Baldwin said:
“I am determined to see a dynamic and competitive banking sector where challenger banks, fintechs and other innovators can thrive.
“Aldermore is a key challenger specialising in providing finance to SMEs and their significant growth since 2009 shows that the government’s policies to support competition in the financial services sector are working.
“I will continue to champion innovation in financial services, ensuring the sector continues to meet the diverse needs of UK customers.”
For further enquiries, journalists can contact:
Andy Homer, Aldermore
Phone: 0203 553 4244
Mobile: 07931 492722
Adam Taylor, Cicero Group
Phone: 02072 975971
Mobile: 07557 965958
Notes to Editors:
For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page.