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Peer2Peer Finance News | August 14, 2018

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Growth Street aims to boost Midlands SMEs with Birmingham launch

Growth Street aims to boost Midlands SMEs with Birmingham launch
Marc Shoffman

GROWTH Street has appointed a business development director for the Midlands as it officially launched its lending services in the region this week.

The peer-to-peer business lender has named Richard Steele as business development manager for the Midlands as part of a commitment to lend £50m to small- and medium-sized enterprises (SMEs) in the region.

The launch was officially announced by  mayor of the Midlands Andy Street, alongside Growth Street chief executive Greg Carter and small business commissioner Paul Uppal (pictured left to right).

Earlier in 2018 Growth Street surveyed UK SMEs, finding that 70 per cent of Midlands-based respondents had never looked beyond a traditional bank to finance their business.

Only 25 per cent of Midlands SMEs said that they have a good understanding of their finance options outside the banks.

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“Many businesses we speak to say that banks have made it harder for them to access really flexible, tailored finance,” Carter said.

“With many businesses having never looked outside their bank for funding, it’s clear there is more for finance providers to do to boost businesses’ understanding of the finance options available to them.

“The Midlands has long been a hub of British industry. In light of this, I think Midlands firms need more guidance on the options available to them. at Growth Street, that’s what we are committed to providing.

“I’m thrilled to launch our presence in Birmingham. I see this as a big step towards our goal of providing better guidance and access to finance for businesses around the UK. There is huge potential for business growth here, and we’re looking forward to being a part of that.”

Read more: Growth Street gains FCA approval