Genesis Asset Finance (Genesis) has secured a new £1 million block discounting facility from Wesleyan Bank. The additional funding will enable Genesis to continue to support businesses under the Coronavirus Business Interruption Loan Scheme (CBILS), as well as underpinning its own growth ambitions.
To date, Genesis has approved over £1.1 million of CBILS facilities for existing and new customers in a range of sectors across England and Wales. Since its formation in 2000, the independent family-run business has provided over £10 million of funding to UK SMEs.
Wesleyan Bank launched its block discounting offering at the beginning of this year. Despite the impact of COVID-19, it has approved a number of significant wholesale finance facilities for asset related investments and general working capital requirements. In addition, the specialist commercial finance provider has expanded its back-office support and wholesale expertise to meet rising demand.
Richard Baker, Head of Block Discounting at Wesleyan Bank, comments, “We’ve remained open for business and have been talking to potential new customers throughout the pandemic. In addition, we’ve utilised this period to proactively develop and speed-up our internal processes and systems. We’re building facilities around our partners’ needs and are pleased to complement Genesis’s existing portfolio of wholesale funders.”
Andrew Frost, Director at Genesis Asset Finance, says, “This new facility from Wesleyan Bank complements our existing financing sources and enables us to continue to support businesses let down by other lenders at a time of significant economic uncertainty. The facility terms offered were very competitive and Wesleyan Bank’s service focused approach mirrors our own business model in going the extra mile to put customer relationships at the heart of all we do.”