Seneca close to raising £10m fund
SENECA Partners, the new financial group operating in the North West, Yorkshire and West Midlands, is “well on the way” towards closing its maiden £10m fund.
Founder Ian Currie said he expects the fund-raising to be completed by the end of November, amid strong demand from SMEs needing finance across all its locations.
He told TheBusinessDesk.com: “The majority of the companies we’re talking to are trading well, almost too well, but they are being routinely turned down for funding by the banks.
“The only finance available at the moment seems to be invoice discounting, but it’s really hard to get if you are for instance a manufacturer with customers overseas due to a perceived higher risk.”
He said Seneca was assisting one such business in the West Midlands, which is a manufacturer trading overseas with a growing order book, but unable to get bank finance.
“The message from the government is alll about manufacturing and exporting so it is baffling why companies like this can’t get the support they need to grow.”
Mr Currie, who launched Seneca, after the demerger of the Manchester-based Zeus Group, has built a team of 18 people across the three offices.
The group offers advice to entrepreneurs and SMES on funding, corporate finance and wealth management.
Most recently it has begun advising firms that have been mis-sold complicated financial products by banks.
Mr Currie’s comments are supported by industry data analysed by another new lender, the Cambridge & Counties bank, which reveals that businesses across Britain had 27,300 overdraft and loan applications worth as much as £1.264 billion rejected in Q1 2012.
