ART (Aston Reinvestment Trust), the specialist lender to
businesses in Birmingham and Solihull, has reported a record month
for lending to small businesses, with loans of nearly half a
million pounds taken up.
ART lends between £10,000 and £50,000 to businesses
in Birmingham and Solihull that can't get the finance they need via
the banks.
Steve Walker, Chief Executive of ART, says: "We have seen a
steady increase in demand since the start of the new financial year
in April, but August 2011 has been the busiest month for us in
terms of loans actually made since we started lending in June 1997.
There's no pattern to the type of borrower - we've supported start
ups and existing businesses, large and small, operating in a wide
variety of market sectors. The only thing they have in common is
that the banks have been unable to fully meet their needs.
ART is a not-for-profit Community Development Finance
Institution, designed to support small and medium sized businesses
and local jobs. Its small team of loan arrangers personally assess
each application and make a decision about the viability of the
proposition. Loans can be used for most business purposes,
including cashflow and investing in new equipment. Money
repaid on loans is reinvested in more loans.
Steve Walker explains: "Our remit is to boost the local economy
and ensure that businesses with a viable plan operating in
Birmingham or Solihull can access the finance they need to grow and
create jobs. We have a further £200,000 worth of loans agreed
and another £500,000 going through the applications process
at present, but still have plenty more money to lend in the coming
year."