Wesleyan Bank has passed through the £500 million commercial lending barrier to lawyers just four years after it started offering loans to businesses.
The specialist bank, part of the Birmingham-based Wesleyan Group, has now lent more than half a billion pounds to law firms since 2010 – with an additional £180 million in personal loans.
Steve Deutsch, Wesleyan Bank’s managing director, said: “Wesleyan prides itself on being a specialist for specialists and we make a point of getting to know our customers personally and gaining real insight into their professions.
“It means we can identify their specific financial needs and respond to them more effectively than a high street bank might, coming to arrangements that best suit them rather than providing a one-size-fits-all approach.”
Wesleyan Bank was founded 21 years ago and began offering commercial loans in 2010 when it acquired Key Business Finance. During the past 12 months the bank has moved into new commercial sectors, particularly the GP and dental markets, with plans to grow even more in the years ahead.
Deutsch said: “Our lending to law firms has always been strong, especially for short term finance needs, but in our 21st year we have increased our lending to GP and dental practices, providing them with funds for needs such as practice acquisition, new equipment and refurbishment to help them grow in increasingly competitive markets.
“We have also started using intermediaries and brokers to help bring in new business, and have worked to increase our presence in Scotland, with plans to move into Northern Ireland soon.
“The Wesleyan Group has ambitious growth plans for the coming years and the Bank will play a big part in that.”
