SME lender receives multi-million pound boost to propel growth
A Blackburn-headquartered asset finance specialist has raised £12.5m of capital to accelerate its lending book towards £100m – just 16 months after the company launched.Praetura Asset Finance enjoyed record growth during its first year of trading to reach a lending total of £25m, with this baseline capital fund paving the way for further SME lending.
The backing from private investors, high net worth individuals and institutional investment will be used to help small and medium-sized businesses access alternative finance solutions including hire purchase, refinance and leasing.With alternative funding now a core part of the UK economy, the lending sum will be instrumental in helping businesses to grow through investment and securing their financial futures.
Mike Hartley, managing director of Praetura Asset Finance, said: “Appetite for asset finance is at an all time high and with the business developing real momentum, we’re excited about our plans for growth in 2015 and beyond.“We’ve quickly established ourselves as a trusted, national player through a fresh and pragmatic approach to lending and are pleased that our funding offering has been so successfully received. “Ambitious SMEs are keen to capitalise on the surge in opportunities and we’re urging firms to look further afield than the main high street lenders in order to source the capital they need to invest, expand and compete.”