SME lender Cambridge & Counties Bank says is on course to meet both its lending and deposit targets, following six months in business.
Recent research carried out by Cambridge & Counties showed that businesses across Britain had 47,777 overdraft and loan applications worth as much as £2.5 billion rejected in the first half of 2012.
However, the new bank is on track to achieve its lending targets. It has also revealed that deposits currently exceed target following the launch of its 30-day notice account offering for businesses.
Gary Wilkinson, chief executive, Cambridge & Counties Bank, said: “We’re thrilled with the Banks’ progression and are delighted to play a part in an SME sector that is pivotal in re-energising the UK economy and leading the recovery. Many of these SMEs have their hands tied by bigger banks unable or unwilling to lend, but to grow and be successful there needs to be access to finance for them.
“Our focus is on a local and personalised relationship approach consisting of business development managers focusing primarily on Cambridgeshire, Leicestershire and Northamptonshire, coupled with a national broker coverage model. We believe this has appealed to a wider variety of smaller businesses in a difficult economy.
“We have been praised by customers acknowledging the speed and simplicity of our process and we are looking forward to playing a central role in helping to support local businesses going forward.”
Offering loans to local businesses such as retailers, hot food takeaways, public houses as well as loans to both commercial property landlords and experienced residential landlords, the vast majority of loan approvals made by the Bank go through within 48 hours, it says.