New fund lending tops Â£1m in first month
A new Yorkshire-based business lending fund launched in September has made business loans of more than £1.1m in its first month.
TFG Capital was launched by financier James Mortimore with £7.5m available for businesses seeking expansion and opportunity capital, but which are unable to obtain bank support.
Within a month the new lender said it has already completed six debt lending deals averaging almost £200,000.
"We knew there was a demand for flexible secured lending to good businesses, and the early deals we have been able to close are evidence of the huge need for alternative business funding," said Mortimore.
The firm, which has offices in Leeds and Doncaster, expected the majority of its transactions to be for loans to northern small businesses for amounts between £50,000 and £3m over terms up to two years.
"Most of the deals completed so far are for between six and twelve months, and all have been to leverage an opportunity, provide working capital or to grow a business rapidly where a bank would be unable to respond fast enough," Mortimore said.