Venture Finance sees 30% rise in NW lending

ASSET based lender Venture Finance has seen a 30% increase in the amount it has advanced to North West businesses through its business facilities this year.

It has advanced £30m of new business facilities in the  North West for the 11 months of 2011 – a 30% increase on the same period last year – and has seen a 12% increase in the number of clients.

The invoice and asset based lender has two operating centres including one in Salford Quays, which employs 50 staff and services the Midlands and the North.

It has between £350-400m out on facilities in total, with £150-200m of that coming out of the Manchester operating centre.

Debbie Bell, regional director for Venture Finance, told TheBusinessDesk: “Decisions are made for lending to companies in this region by people within the region. It’s more like old style banking relationships and going on your gut.

“We are a secured asset lender – so we do lend against something, but we understand those assets and do leverages depending on the strength.”

According to Venture Finance, the performance of Manchester businesses generally is improving and it is reaping the benefits.

“Our average client turnover in Manchester has increased 50% in 2011 compared to 2010,” said Alison Small, managing director North for Venture Finance.

“For a business whose turnover is growing, we offer the right type of finance. They don’t have to come back to us when they want a greater facility, its automatic.”