Pictured above: Dr Steve Walker, Chief Executive of
ART
ART (Aston Reinvestment Trust), the specialist lender to
businesses in Birmingham and Solihull, has lent over £1m in
the area over the past year - and still has more to lend. ART is
designed to support small and medium sized businesses unable to
access the finance they need from the banks.
Steve Walker, Chief Executive of ART, explains: "ART was
established in 1997, with both private and public sector backing,
to fill a gap opening up in the market. Even then it was recognised
that the banks were closing branches and becoming more cautious in
their lending to smaller businesses, which are generally more risky
to lend to and return a smaller profit for the time taken to
administer the loan. The aim was to ensure that SMEs - acknowledged
as the lifeblood of the British economy - could continue to access
the finance they needed."
Nearly 14 years on ART is still going strong and has helped
hundreds of businesses to start up, survive challenging trading
conditions, grow and diversify.
"We are owned by our members, both borrowers and investors,"
says Steve, "and are constituted as an Industrial & Provident
Society. "Money repaid on loans is reinvested in more loans. Our
aim is to boost the local economy, helping our borrowers to create
and preserve jobs."
ART's borrowers have included award-winning start ups and
existing high-growth businesses, both commercial and social
enterprises, as well as self-employed individuals simply working to
support themselves and their families. They are engaged in a wide
range of markets, from traditional manufacturing to hi-tech
services, from catering to social housing. "We're here for
just about any business with a viable proposition," says Steve,
"and if for some reason we can't help, we will always refer people
on to others who may be able to."