A specialist lender that is backed by the RBS and known as Shawbrook Bank have started offering small business loans north of the border, just a few weeks after launching their service down south. The company aims to provide mortgages up to a maximum of £2.5m to businesses that are owner occupied, as well as property investors. They are already dealing with private customers within Scotland.
A spokesman for the bank has said that they know that there are many SME’s in Scotland that are credit worthy, but they are still facing significant barriers when they try to secure financing. It is crucial now more than ever that these businesses have easy access to the funds they need in order to grow and expand their business.
Rather than using a network of branches, Shawbrook is using brokers to distribute its products, and was formed as an off shoot if the Whiteway Laidlaw Bank in Manchester in affiliation with Link Loans and using Commercial First’s lending platform. The new company is chaired by the former chief of the Royal Bank of Scotland, Sir George Matthewson.
One of the brokers offering Shawbrooks products in Scotland is Business Financial, and their director Justin Marsh says that the flexible terms they offer filled a real gap in the market.