Revenues at the specialist bank also saw a 68.4% increase, rising to £29.3m, after delivering £157.3m in new facilities — up 63.6% on the previous year.

"It’s a pleasure to share our latest results that showcase positive growth in new business, lending balances, revenue and clients,” said John Bevan, managing director at Secure Trust Bank Commercial Finance (pictured above).

“We are especially proud of our low client attrition rates, reflective of our ability to provide tailored funding solutions that genuinely aid the management teams we work with.

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“In what has been another challenging year for SMEs across the UK due to a decline in economic activity, rising inflation and cost pressures, our focus remains on building relationships that allow us to thoroughly understand the opportunities and challenges ahead of each business and react accordingly.”

The commercial finance division provides asset-based lending and invoice finance products, ranging in size from £3m to £50m, for both SMEs and larger businesses.

Established in 2014, the lender operates has offices in Leeds, Birmingham, London and Manchester.

In March, STB secured a £20m Tier 2 investment from British Business Investments to help boost the supply and diversity of finance for SMEs.