BUSINESS lender Reparo Finance has secured a new multi million pound backing deal.
Reparo Finance has signed the new eight figure deal to provide medium-term funding to small and medium sized businesses in the north of England.
Finance is now available for deals up to £2m when commercial assets are available as security.
The lender, launched by former city banker Andrew Ward in 2015, completed a total of 25 deals in 2016, lending sums of between £10,000 and £500,000 to businesses that needed quick access to working capital.
The Manchester-based business has said it is expecting to double its number of deals this year.
“The deal flow in 2016 was strong and we have grown the team as the market has got to know our offering, and we now see a steady flow of enquiries from both borrowers and intermediaries,” said managing director Andrew Ward.
“The new backing will allow us to provide funding of up to £2m to satisfy the medium-term cash requirements of some larger businesses that previously we have been unable to assist. We have a really strong pipeline for Q1, and expect to double deal flow by the end of the year, probably completing a deal each week on average in 2017,” he added.
Businesses in manufacturing, engineering, professional services, agricultural, property and construction sectors all sought to secure financing from Reparo last year.
“There isn’t just one sector that saw more demand than others, funding is proving to remain an issue for businesses across the board. The spread of sectors was very wide, but the common theme was that they all wanted rapid access to working capital and we were able to provide the cash within a few days,” Ward said.