With great news, the Metro Bank based in London has solid plans to team up with LDF, a SME business finance firm to support the UK'S professional services sector with a £30m injection of funds.
This exciting funding line for the professional sector comes after the launch of the banks new tailored lending service. The new lending service aims to provide SME's with a range of short-term funding options, which includes tax and asset finance.
With the £30m funding commitment spreading across the next 18 months Metro the 'entrepreneur bank' is positioning itself further into the small and medium sized lending market. Although there are continuous warnings that bigger banks will be moving away from the small business lending market following Brexit.
Metro Bank is part of the leading pack of new generation of challenger banks founded in the wake of the 2008 financial crash, and announced a 63% jump in year-on-year turnover last month.
Commenting on the new funding, Nathan Mollett, Head of Asset Finance at Metro Bank, said: “The professional services is an integral sector in the UK economy and we’re delighted to be able to support it with an additional dedicated line of funding.
"We understand how demanding the sector can be and hope that by working closely with LDF we can enable more businesses to prosper.”
This is fantastic support for the professional sector with LDF are hoping to utilise the partnership to strengthen its presence in the legal and accounting sector as it targets an even greater presence amongst the the 20% of the UK’s professional services firms.