Reading: Aldermore reaches £875m milestone in lending to UK SMEs

With its balance sheet grown to over £0.5 billion, Aldermore's asset finance division has now lent more than £875 million to UK SMEs. To celebrate this achievement, Aldermore welcomed the secretary of state for business, innovation and skills Vince Cable to its offices in Reading to discuss the issues facing challenger banks. 

Cable said: “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 to access the finance they need to 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 of Redditch, 1pm Plc of Bath and Asset Advantage 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 and medium-sized businesses using it for funding. It is a tailored solution enabling a business to acquire the assets it needs to grow and free 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 reburbishments.

George Ashworth, managing director of Aldermore’s asset finance division, 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 £1b mark.

“We are continuing to expand our lending to SMEs and, in so doing, supporting the UK’s economic recovery.”