New lender targets small business

A FORMER Deutsche Bank employee has set up a new invoice discounting business covering the North West.

Palace Green Finance, based in Wilmslow, is targeting small businesses struggling to secure finance from the High Street banks.

Founder and managing director Del Folkes plans to set Palace Green apart from other invoice discounters by lending against selected invoices and not demanding long-term contracts.

He said: “Many small businesses are seeing a reduction in their traditional sources of finance. We offer those companies alternative funding which is flexible, quick and easy to access.

“We differ from traditional factoring companies by requiring no monthly minimums, no long-term contracts and no service fees. Clients simply sell us selected individual invoices at a discount. This is great for our clients, as they know from the very start, exactly what they will pay.”

The company will lend 85% of the value of an invoice and is targeting firms with up to 50 staff and a turnover of under £5m.

Mr Folkes has been in the financial industry since 1991 and worked for JP Morgan before taking on several roles at Deutsche Bank. Most recently he was the head of European structured credit. Palace Green is backed by private investors.