Cambridge & Counties Bank has raced past the £100 million lending milestone. The regional, business bank today [December 24 2013] announced it has now lent more than £113 million, comprising more than 250 loans.
The challenger bank, set up last year to lend specifically to small and medium sized businesses (SMEs), is on course to meet its initial four year lending targets in just two years.
Cambridge & Counties Bank, which focuses on its heartland regions of East Anglia and the East Midlands, also looks after more than 1,800 SME deposit accounts.
The Bank announced in September 2013 it had achieved its first month of profitability, since when it has made a profit each month.
Cambridge & Counties Bank has been able to support a wide variety of industrial and commercial sectors with secured property loans, which have enabled its customers to expand their product offerings, increase trade and create jobs.
With a long term vision of support for British industry and commerce, the Bank is busy lending to SME businesses in its heartlands and beyond.
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."
Offering loans to local businesses such as manufacturers, retailers and restaurants and loans to commercial property investors and experienced residential landlords, the majority of loan approvals made by the Bank go 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 has a unique structure being jointly owned by Cambridgeshire Local Government Pension Fund and Trinity Hall, a College of the University of Cambridge. They each own 50 per cent of the bank, which has a strong management team led by chief executive Gary Wilkinson who has held a number of senior roles in the banking and building society sectors.