UK lender Love Finance recently closed a financing deal, securing significant funds to expand its capacity for lending to support small to medium-sized enterprises (SMEs) across the nation.
The finance package, supplied by LGB Capital Markets and Paragon Bank, is a milestone achievement for the company and will empower it to supply loans straight from its balance sheet. As a result, it will be able to offer SMEs seeking business funding solutions faster decision-making times to aid their expansion efforts.
From hospitality business loans to loans for nursing homes, finance products are often critical to help SMEs grow effectively.
Love Finance itself has expanded since its inception in 2016. The firm has scaled swiftly with a revenue growth rate of over 900% in the last four years, reaching £9.2 million last year. Over the same term, it has doubled its workforce while supplying over £300 million worth of funding to UK-based SMEs.
Jack Smith, CEO for Love Finance and its founder, said that the newly secured finance is an important milestone for the company, adding:
“With the support of Paragon Bank and LGB Capital Markets, we can scale our own book lending, reach more SMEs across the UK, and continue driving innovation in business finance. This funding brings us another step closer to our goal of being the UK’s most trusted and accessible SME lender.”
Paragon’s Jamie Pickering also commented, stating that through innovative lending companies like Love Finance, the bank was helping to give strength to the creativity and resilience of the UK SME sector.
