B-NORTH PLANS TO LEND £1BN TO SMALL BUSINESSES


August 4th, 2020.


B-North, the Manchester-based small business lender, plans to lend over £1bn to small businesses within its first four years.


The lender, which hopes to secure a provisional banking licence within weeks, will rebrand as Bank North once the licence comes through.

Initially, B-North aims to lend about £50m as its systems are tested under the scrutiny of the banking regulator.

Filling the gap

B-North sees itself as filling the gap for small business lending as the Big Four banks – Barclays, HSBC, Lloyds, NatWest – have centralised lending decisions, concentrating on large firms, making it difficult for them to get into the intricacies of each small business.

At first, B-North will offer secured loans of between £500,000 and £5 million.

The service plans to start in Manchester but eventually it expects to have eight regional “lending pods”, each effectively a small bank on its own.


For the full story at smallbusiness.co.uk CLICK HERE.

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