Bank approves £25m lending increase, boosting Praetura support to £100m

NatWest has approved an increase in its securitisation lending facility for Manchester-based Praetura Asset Finance Group, taking it from £75m to £100m.

The move will help underpin PAF Group’s growth plans to bolster SME growth across the UK, and follows NatWest’s decision to renew the facility in the summer of 2021.

Praetura Group posted record figures in 2021, with its lending division’s loan book growing to more than £200m, and ambitions to increase that to more than £300m in 2022.

The lending division, which includes Praetura Asset Finance, Kingsway Finance, Praetura Commercial Finance and Praetura Invoice Finance, supports clients across a range of industry sectors with funding solutions available from £5,000 to £15m.

Peadar O’Reilly, managing director of the Praetura lending division, said: “This is another milestone in the development of PAF Group and Praetura’s lending division, and an integral step in helping the group drive the ambitious growth plans we have in place for 2022 and beyond.

“SMEs are increasingly turning to lenders who are able to offer greater empathy and flexibility to their funding decisions, something Praetura has offered since its inception.”

Katie Fazackerley, director, NatWest speciality finance, said: “Through its support of UK SMEs, PAF Group is supporting a segment that is crucial to economic growth, and this deal further supports NatWest’s overall ambition to help people, families and businesses to thrive.”