Shire Leasing has completed the first-ever drawdown of Wesleyan Bank’s newly launched block discounting facility offering.
The block discounting offering from Wesleyan Bank is a wholesale finance facility that bolsters the funding capabilities of alternative finance companies offering loan agreements to businesses. Shire Leasing and Wesleyan Bank have agreed on a £ 5million facility with the first block drawdown threshold having already been transacted.
Commenting on the milestone, Malcolm Workman, Chief Operating Officer at Shire Leasing PLC said “Shire Leasing PLC are delighted to support Wesleyan Bank in entering the block discounting market and proud to have provided their first ever facility drawdown.”
The quick drawdown is a signifier towards success for Wesleyan Bank’s decision to enter the block discounting market. For Shire Leasing and the asset finance industry, it characterises how wholesale finance enhances the ability to meet demand faced from UK SMEs for alternative finance.
Richard Baker, Head of Block Discounting at Wesleyan Bank, said “Wesleyan Bank is able to offer alternative block discounting facilities that make us an attractive proposition in the marketplace, in tandem with an efficient, low-touch drawdown process. In this case we were able to provide a facility to support Shire Leasing’s loan offering; we’re thrilled to be working with Shire and are determined to make this the start of a long-term relationship.”