Renaissance Asset Finance supports commercial finance firm with £5m facility
Renaissance Asset Finance, a subsidiary of private and commercial bank Arbuthnot Latham, has confirmed its support for the specialist small to medium enterprise (SME) lender One Stop Business Finance, with the completion of a block discounting facility.
The revolving credit facility, completed in August, backs the Group with £5m to help it achieve its growth objectives.
The additional line of funding, which sits alongside private money, retained profits and other institutional finance, will enable the firm to continue to make its funding solutions more accessible to businesses across England and Wales.
Andrew Mackenzie, group managing director of One Stop Business Finance, said: “Through Paul Tagg and Tracey Blake, Renaissance has invested considerable time in One Stop Business Finance to get to understand our business.
“This has resulted in a mutual objective to build a long-term business relationship. In turn, this means that we can focus on sales growth knowing that we are fully funded in the medium term.”
Paul Tagg, senior director of block discounting and wholesale products at Renaissance Asset Finance, added: “We are delighted at Renaissance Asset Finance to have completed the Revolving Credit Facility to assist One Stop Business Finance in achieving its lending objectives in the medium-term and to create a longer-term relationship seeing both businesses grow together.”