Colchester: Credo Asset Finance hails record year for business lending

AN Essex finance company has reported a record year by helping businesses across East Anglia to expand, even when some have previously been refused finance.

Credo Asset Finance, which arranges asset finance for vehicles, IT equipment, industrial and plant machinery, has agreed �16million in the last 12 months and �78m of finance in the seven years since its launch.

The company, which has offices in Colchester and Norwich, has seen a 24% increase in turnover in the last year and has recruited three new people.

Founder and sales director Paul Dowman believes Credo’s growth is due to businesses looking for better rates and a surge in firms being refused finance from other lenders.

“With bank lending falling nationally, it’s vital that businesses have alternative choices of affordable finance,” he said.

“We believe in offering a traditional approach where trust, local knowledge and personal judgement are more important than credit searches, scores, property equity and charges.”

And this higher risk strategy is paying, he says, as as none of the company’s current agreements are in arrears.

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“We have had an incredible year, helping more businesses than ever to grow by providing better rates and advising on the best finance options for their business,” said Mr Dowman.

“We have also worked in partnership with companies to offer finance to their customers including Essex car dealerships and the UK arm of BNI – an international networking business.”

After completing 800 broker deals in 2011/12, the business is launching a dedicated car finance division later this year called Deal Saver.