The move comes as bank records significant growth in demand for asset finance
Lloyds Bank Commercial Banking has appointed Nathan Morgan (pictured) as new head of asset finance in the South East and South West to bolster its support for small- and medium-sized enterprises (SMEs).
Morgan, who was previously an associate director within the team, originally became a specialist in asset finance 10 years ago. He also served in the commercial banking arms at Santander and HSBC over the course of his 18-year career in the sector.
His appointment follows the retirement of Matt King, who had led the team for more than four years, rounding out a 36-year career in the sector.
Asset finance – also known as hire purchase – allows businesses to purchase products or machinery, with financing available on up to 90% of the purchase price. Firms also have the option to secure lending against their existing assets, meaning they can access the assets they need to unlock growth in their business, without impacting the cashflow needed for day-to-day operations.
Demand for asset finance has been increasing in a variety of sectors, including in manufacturing and engineering, where heavy plant machinery is essential and can sometimes have an expensive upfront cost.
Lloyds, one of the largest banks in the UK, recently recorded significant growth in demand for asset finance. In the first quarter of 2023, lending of asset finance in the regions was up by 37% compared to the same period in 2022.
“It’s an exciting time to be in asset finance,” Morgan commented. “Firms want to be fleet of foot and able to invest quickly. Our main priority is being able to move fast to help them identify, purchase and install assets so that they can pursue growth and serve their customer base. We want to implement funding as soon as possible from the first enquiry, and I know that’s helping firms to seize on opportunities as they come around and help growth the region’s economy.
“I see demand for asset finance only increasing. Becoming more sustainable is moving to the top of firms’ agendas, if it isn’t there already, and they’re going to need to invest to achieve that, especially in solutions like solar panels. We’re committed to being by their side as they target these investments and work to grow their business sustainably.”
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