United Trust Bank (UTB) has joined the Bank of England’s Funding for Lending Scheme (FLS).
The scheme has enabled UTB to review the pricing for its asset finance offering, and to provide a more competitive pricing and commission structure via its broker partners. Rates from as low as 4.99% on advances of £35,000 and over are available, said the bank, although this is still subject to UTB’s lending criteria.
The Bank of England and HM Treasury launched the FLS in July 2012 to incentivise banks and building societies to boost their lending to the UK real economy, with a focus on providing SMEs with funds for growth.
Martin Nixon, head of asset finance at United Trust Bank, said: “We know from the findings of our recent broker survey, that pricing is still one of the most important issues brokers face in the asset finance market today. With the number of funders now dealing directly with customers continuing to grow and margins being tightly squeezed, brokers are experiencing more competition than ever in certain sectors.
“Joining the Bank of England’s Funding for Lending Scheme means we are able to offer our brokers some very competitive rates to assist SME’s in raising funding for their business growth plans.
“In spite of the Brexit decision, it’s very much business as usual at UTB. Following a record breaking first quarter our business levels continue to grow and are significantly higher than they were this time last year. We are keen to pass on the benefits of the FLS to more SMEs and encourage brokers and businesses to take advantage of our new prices and future opportunities.”