Shire Leasing PLC have completed the first ever drawdown of Wesleyan Bank’s newly launched block discounting facility offering.
The block discounting offering from Wesleyan Bank is a wholesale finance facility which bolsters the funding capabilities of alternative finance companies offering loan agreements to businesses. Shire Leasing and Wesleyan Bank agreed a £5m facility on 30th January 2020 and the first block drawdown threshold has already been transacted.
Commenting on the milestone, Malcolm Workman, Chief Operating Officer at Shire Leasing PLC said, “Shire Leasing PLC are delighted to support Wesleyan Bank in entering the block discounting market and proud to have provided their first ever facility drawdown.”
The quick drawdown is a signifier towards success for Wesleyan Bank’s decision to enter the block discounting market. For Shire Leasing and the asset finance industry, it characterises how wholesale finance enhances the ability to meet demand faced from UK SMEs for alternative finance.
Richard Baker, Head of Block Discounting at Wesleyan Bank, commented, “Wesleyan Bank is able to offer alternative block discounting facilities that make us an attractive proposition in the marketplace, in tandem with an efficient, low-touch drawdown process. In this case we were able to provide a facility to support Shire Leasing’s loan offering; we’re thrilled to be working with Shire and are determined to make this the start of a long-term relationship.”
Shire Leasing offer a range of flexible finance solutions, which support businesses with expansion plans or to invest in new equipment. The facility agreed with Wesleyan Bank will predominantly be used by Shire Leasing to offer businesses a cash injection via a competitive loan product, available on a flexible term up to 3 years.
Workman adds, “2020 marks Shire Leasing’s 30th year anniversary and this agreement with Wesleyan Bank aligns with our vision to continue building long and successful relationships, whilst delivering innovative funding solutions to UK SMEs”.