There may be further dark days ahead for the UK economy, as England enters its third coronavirus lockdown, but one new lender in the market is offering hope to SMEs while growing at an impressive pace itself.
Growth Lending – a platform comprising the specialist lenders GapCap, KX Media Capital and the working capital arm of BOOST&Co – launched in 2020, quickly gaining accreditation as a provider of the government’s Coronavirus Business Interruption Loan Scheme (CBILS).
Backed by institutional capital, it provides flexible funding that enables innovative, fast-growing SMEs to accelerate their growth.
The platform, which aims to become a £200m business over the next 12 months, grew more than fivefold in 2020, increasing from around £9m AUM to around £50m AUM. It is now planning to strengthen its regional presence while merging its three constituent companies under the Growth Lending brand.
This strategy will be led by Jack Trowbridge, a founding partner and the current chief executive of GapCap. He is now also taking on the role of commercial director at Growth Lending, having been a major player in the firm’s expansion over the past year.
Jack Trowbridge comments: “I’m looking forward to building on our momentum; we’re only just getting started. We’re excited about supporting the undercapitalised SME market and increasing our regional presence by expanding our UK team.”
Growth Lending, which has around 30 employees across offices in London, Bristol and Cape Town, is currently recruiting nationwide, with roles available for regional directors in London and Manchester, plus an opportunity for a digital marketing executive to join the team.
Lauren Couch, managing director of Growth Lending, comments: “Businesses want an alternative to traditional lenders because they need flexibility, simplicity and speed. I am delighted that we will be able to support companies nationally and internationally through our countrywide expansion in 2021.”