April 19 2014 Latest news:
Sunday, December 29, 2013
Lending by the Cambridge & Counties Bank has passed the £100million milestone.
The regional business bank says it has now advanced a total of more than £113m, make up of more than 250 loans.
It means that the “challenger” bank, set up last year specifically to lend to small and medium sized businesses (SMEs), with a focus on East Anglia and the East Midlands, is now on course to meet its initial four year lending targets in just two years.
Cambridge & Counties, which also has more than 1,800 SME deposit accounts, announced in September 2013 it had achieved its first month of profitability, since when it has made a profit each month.
The bank says it has supported a wide variety of industrial and commercial sectors with secured property loans which have enabled customers to expand their product offerings, increase trade and create jobs.
Gary Wilkinson, chief executive at Cambridge & Counties Bank, said: “Scores of businesses are borrowing from us thanks to our refreshingly personal approach to lending delivered with outstanding service from our team of experienced staff.
“We are growing at the fastest rate of any challenger bank in the UK – our desire to lend is strong and our services are in high demand. SMEs are the key to a sustained economic recovery and we are proud to be supporting them and enabling them to invest in their premises, products and jobs.”
The bank’s borrowers have included manufacturers, retailers and restaurants as well as commercial property investors and experienced residential landlords, with most loan approvals made by the bank going through within 48 hours.
Lending is funded by the bank’s competitive range of business deposit accounts, which has proved attractive to businesses looking to generate a decent return for their money.
Cambridge & Counties Bank is jointly owned by the Cambridgeshire Local Government Pension Fund and Trinity Hall, a college of the University of Cambridge.