Business Secretary Vince Cable said:
"We want to get greater diversity in the financial services, so that businesses have more choice and there's increased competition in the market. Aldermore Bank should be proud of having reached such a significant milestone of support for small and medium sized businesses. I hope it is able to maintain this momentum and help even more firms access finance so they can invest and grow. The Government sees challenger banks like Aldermore as an important way of getting finance to SMEs, including through initiatives such as the business bank. I look forward to working closely with them as we support more SMEs to access credit."
As well as speaking with Aldermore staff, the Business Secretary also spent time with three businesses that Aldermore supports. Translift Bendi Ltd of Redditch, 1pm Plc of Bath and Asset Advantage Ltd of Basingstoke. The directors of these businesses discussed the issues facing UK SMEs and the support they get from Aldermore.
Asset Finance is a critical source of funding for businesses, with 60% of UK small & medium sized businesses using it for funding. It is a tailored solution enabling a business to acquire the assets it needs to grow and frees up important working capital rather than tying it up in fixed assets.
Aldermore has over 12,000 Asset Finance customers and finances everything from traditional construction and materials handling equipment through to office refurbishments.
George Ashworth Managing Director of Asset Finance of Aldermore, said: "I'm delighted The Secretary of State was able to join us and celebrate this great news for Aldermore and for our SME customers.
Paying cash up front for costly equipment, machinery and vehicles can sap much-needed capital - making use of asset finance frees up that capital and means it can be put to work growing a business. Aldermore's asset finance offers a bepoke and expert service to support clients with these vital purchasing decisions and we're looking forward to further growth and hitting the £1 billion mark.
We are continuing to expand our lending and supporting SMEs make vital purchases and investments to grow their businesses and in so doing support the UK's economic recovery."
For further information contact: Holly Marshall: 0203 553 4218 / 07557391682 or email: firstname.lastname@example.org
For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page.