New division to provide SMEs with funding solutions amid rising demand
Mortgage broker SPF Private Clients has introduced a business finance division to help small and medium-sized enterprises (SMEs) secure funding.
The new division will be led by Craig Ashton (pictured) and Tom Naidu, who bring extensive experience in business finance and commercial lending. Their goal is to provide a wide range of financial solutions to existing clients of SPF and parent company Howden, as well as new businesses seeking funding. They will also with a diverse panel of lenders.
According to Companies House, there were 890,684 new company registrations in the year ending March 31, 2024 – an 11.2% increase from the previous year. The rise in incorporations reflects growing demand for business finance solutions, a gap SPF aims to fill.
“In this tough economic environment, particularly for certain sectors such as the hospitality industry still recovering post-pandemic, the need for the right business finance is more acute than ever,” Ashton said.
“Many bosses of SMEs simply aren’t aware of the range of options available – from straightforward products from traditional lenders to more specialist products and providers. We look forward to working with them to find the right funding for their business.”
Russell Hall, executive director of SPF Private Clients, noted that expanding into business finance addresses an existing client need.
“By offering business finance solutions, SPF is filling a gap in the market,” Hall said. “We were finding that clients taking out a residential, buy-to-let or commercial mortgage often had a limited company and were asking for some sort of asset finance or business loans.
“In the past, we haven’t been able to help but now we have a strong offering for existing clients, as well as for brokers and other introducers who perhaps don’t fully understand the nuances of this market and have a client they need to refer.”
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