BLME provides Regency Factors with finance to support SME sector
- Kuwait: Tuesday, February 12 - 2013 at 13:24
- PRESS RELEASE
BLME, the largest Islamic bank in Europe whose main shareholders are Boubyan Bank and the Kuwaiti Public Institution for Social Security, has announced an £8m Asset Based Lending (ABL) facility provided to Regency.
In the current economic environment, where the scarcity of working capital facilities still poses a significant threat to the growth of the SME sector and therefore the recovery of the UK economy; Regency, with the support of BLME plans to grow their own client base to ensure that this key component of the UK economy receives the vital support it deserves.
Maurice Craft, Managing Director at Regency, commented, "Regency's bespoke approach to the provision of finance bypasses the traditional tick box approach adopted by mainstream lenders when considering applications by SMEs for financing. By adopting a flexible approach when considering applications for facilities by SMEs, Regency is able to focus on its client's customer base and order book in order to provide cash flow and the working capital needed by the SME to grow its business."
Jervis Rhodes, Head of Corporate Banking at BLME, added, "With traditional financing remaining constrained, and government budgets under pressure, it is important for finance providers like BLME and Regency to step into the gap. Our principles and approach are similar to that of Regency, we work with our clients to develop a bespoke solution or product. We believe in partnerships founded on the principles of trust, understanding and accountability."
BLME is one of the most active financiers in the mid-market and over 2013 we will be focusing on growing our Asset Based Lending business.
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