Growth Street

Growth Street plans to inject £50m into Midlands SMEs

Growth Street has announced plans to inject £50m into expanding Midlands businesses over the next 12 months.

The news came as the alternative finance lender targeted several key sectors for 2018 – including manufacturing, wholesale and professional services – and followed an important landmark for the business which has now matched £100m of loans between investors and borrowers since launching in 2015.

Greg Carter, chief executive of Growth Street (pictured above), said: “The Midlands is a UK manufacturing powerhouse, and we want to ensure that SMEs from Birmingham, Coventry, Wolverhampton and beyond are able to fulfil their potential with an investment boost.

“SMEs in the Midlands face an estimated £360m funding gap, and we are looking to contribute to closing this gap in the coming months.

“UK SMEs are working in uncertain times.

“With Brexit fast approaching, we believe that more than ever businesses need access to flexible finance, which can help mitigate risks as well as allowing fast-moving businesses to take advantage of opportunities.

“At Growth Street, we’re on a mission to not only give businesses access to this finance, but to provide the tools that will help take growing manufacturers in the Midlands to the next level.”

Paul Faulkner, chief executive of the Greater Birmingham Chamber of Commerce, added: “We are delighted that Growth Street is planning to make this substantial investment in SMEs around the Midlands region over the next 12 months.

“Not only is it a further sign of business confidence across the Midlands, it reinforces the region’s status as a powerhouse for start-ups and SMEs.”

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