Bank recruits new head of asset finance
Lloyds Bank Commercial Banking has appointed a new head of asset finance in the South East and South West as demand soars among businesses to invest in capital equipment.
Nathan Morgan has been appointed as asset finance area director across the two regions, where he will lead the business’ asset finance team and bolster support for SMEs and mid-corporate-sized businesses.
Morgan was previously an associate director within the team, and originally became a specialist in asset finance 10 years ago. He has also served in the commercial banking arms at Santander and HSBC over the course of his 18-year career in the sector.
The appointment comes as Lloyds Bank records significant growth in demand for asset finance. In the first quarter of 2023, lending of asset finance in the regions was up by 37% compared to the same period in 2022.
Morgan’s appointment follows the retirement of Matt King, who had led the team four four-and-a-half years and rounding out a 36-year career in the sector.
Nathan Morgan, asset finance area director, South East and South West, said: “It’s an exciting time to be in asset finance. Firms want to be fleet of foot and able to invest quickly. Our main priority is being able to move fast to help them identify, purchase and install assets so that they can pursue growth and serve their customer base. We want to implement funding as soon as possible from the first enquiry, and I know that’s helping firms to seize on opportunities as they come around and help growth the region’s economy.
“I see demand for asset finance only increasing. Becoming more sustainable is moving to the top of firms’ agendas, if it isn’t there already, and they’re going to need to invest to achieve that, especially in solutions like solar panels. We’re committed to being by their side as they target these investments and work to grow their business sustainably.”
Asset finance – also known as hire purchase – allows businesses to purchase products or machinery without disrupting cashflow, with financing available on up to 90 per cent of the purchase price. Firms also have the option to secure lending against their existing assets. This means that businesses can access the assets they need to unlock growth in their business, without impacting the cashflow needed for day-to-day operations.
Demand for asset finance has been increasing in a variety of sectors, including in manufacturing and engineering, where heavy plant machinery is essential and can sometimes have an expensive up-front cost.
One business to recently receive support is Wiltshire-based Calne Engineering, a specialist in in laser cutting for large-scale infrastructure projects. Lloyds Bank provided a £600,000 hire purchase loan to acquire an Amada 3015 CNC fibre laser cutting machine, and it’s expected to boost productivity, thanks to improved cutting power and speed, and will also enable the company to offer new services.