Commercial lending to businesses is starting to be unlocked as the UK economy eases out of the Covid-19 pandemic, according to commercial finance expert Mike Coates.
Mike, managing director of Newton Aycliffe-based Commercial Expert Ltd, says banks and other commercial lenders are now returning to the marketplace, giving businesses more choice and flexibility.
During the pandemic commercial lending was restricted with banks in particular having to focus on applications for Government-backed Coronavirus loans.
High street banks even closed their doors to new business accounts making life difficult for entrepreneurs wanting to launch new ventures.
Now, as Prime Minister Boris Johnson starts to plot a way out of lockdown and back to full economic activity, more commercial lenders are ready to help businesses finance new projects and build for the future.
Commercial Expert Ltd has seen an increase in activity across the marketplace as businesses start to plan for a post-pandemic future.
The company, an FCA regulated commercial finance broker with a nationwide client base, has welcomed a number of new lenders to its portfolio. These include: Paragon, Tuscan, Gatehouse Bank, Wesleyan, Allica Bank, Glenhawk and Castle Trust.
Mike said: “The signs for the economy as we edge out of lockdown are very positive.
“There are hopes that the UK’s vaccination efforts will help the economy recover much quicker than anyone thought.
“The Office for Budget Responsibility is now predicting that the economy will bounce back to pre-crisis levels by mid-2022 and that means lenders are returning to the market ready to help robust and ambitious businesses gear up for growth.
“Some commercial lenders had retreated from the marketplace and the high street banks, operating on reduced staffing levels in branches with staff working from home, were forced to retrench and concentrate on applications for Government ‘bounce back’ loans and the like.
“Now, however, we are seeing the first signs of a return to a more competitive marketplace which means we can provide more choice as we source products which exactly meet the needs of our clients.
“Businesses need quality, flexible finance tailored to them and it’s important to have choice, options and value and that’s what we always strive to provide.”
Commercial Expert is an independent commercial finance broker offering a comprehensive range of business finance to a broad spectrum of clients, each with differing financial requirements.
Services include finding the best deals for businesses looking for commercial investment, residential investment, bridging finance, asset finance, commercial restructuring, development finance, and portfolio finance.