Seneca launches trade finance arm with £10m funding

MERSEYSIDE-based Seneca Partners has launched a new trade finance business for SMEs.

A funding line of £10m has been set aside for Seneca Trade Partners, headed by Chris Divers, 49, and Chris Williams, 34, offering international trade credit facilities for clients based across the UK.

Divers, who has 25 years’ experience in asset-based lending, said the new business will “allow clients to supply goods from overseas to their customers”.

“What we are offering is a variation on a theme,” Divers told TheBusinessDesk. “The new business gives us a perfect platform to help SMEs using lending disciplines which are unique.”

Williams added: “We spoke to numerous prospective backers but Seneca Partners’ financial strength and entrepreneurial approach meant they stood out as a natural fit.

“Being associated with such a respected brand is a great start for us.”

The duo will be based at Seneca’s head office in Haydock.

Seneca Partners currently provides debt and equity funding of around £100m largely deployed in the North West SME market.

Director Richard Manley said: “Seneca has been looking to enter the trade finance market for some time and we were impressed by their specialist knowledge and bespoke funding approach.”