Challenger bank supports growth in Northern Powerhouse by lending £63m
Redwood Bank Warrington said it has provided vital support to the town and North West by lending £63m to the region over two-and-a-half years.
The money was lent to businesses, or to businesses with properties, based in the North West, and represents more than 30% of the bank’s total lending. In Warrington itself this amounted to in excess of £12m.
Business continues to boom for the Redwood Bank Warrington office, which has more than doubled the size of its premises in recent months, as well as making two high-profile staff appointments.
Gary Wilkinson, chief executive and co-founder, said: “Our staff are passionate about supporting Warrington and other North-West based businesses, helping them navigate the ever-changing financial and business landscape by offering secured, individually-assessed loans and simple, rewarding savings accounts.
“Warrington continues to be one of the UK’s most successful economic performers and has a vital role to play in the Northern Powerhouse.
The town’s flourishing economic growth has been supported by a commercially-minded council, which is a key shareholder in Redwood Bank.
“The council recognises the important role the bank plays in stimulating and supporting local business in the region. It is this partnership approach that is helping businesses, particularly in the North West, to flourish and grow.”
Founded in 2017, Redwood Bank was launched to offer secured SME lending products to owner-occupied businesses, as well as to experienced commercial and residential property investors.
Redwood is committed to providing competitive rates. Just last month it launched its newest product, a One Year Business Savings Bond, which was propelled onto the market with a competitive rate of 1.62 per cent.
In September last year the bank celebrated a milestone after revealing it had lent around £150m in total since launching.