Wirral business finance specialist Bathgate hits new milestone in October, providing £1m of finance to SMEs. Tony McDonough reports

Bathgate Business Finance provided finance worth £1m to SMEs from its own loan book in October – a new milestone for the business.

Bathgate specialises in broking finance deals for SMEs, both in Merseyside and beyond, accessing a network of traditional and alternative funders. However, the West Kirby business also operates its own loan book.

Its last accounts for the fiscal year to September 30, 2021, show Bathgate provided £4.8m to SMEs in Merseyside and beyond during the 12-month period.

Own-book lending, which is not available from most brokers, is a useful option for many SMEs. Lending decisions are taken quickly in-house without the need to submit to credit committees that exist in some larger funders.

Bathgate managing director, Gordon Andrews, said: “October 2022 was our best-ever month for own-book lending, writing £1m in deals. Prior to that, our best month was £800,000 written in April 2021, as we were coming out of the pandemic.

“We’re extremely privileged to be able to offer clients finance from our own funds and see it as a vital tool in our armoury to support the SME marketplace.

“We know that often – and increasingly so in our current economic climate – strong and viable businesses will find themselves in need of urgent funding to tackle issues such as cashflow challenges or unexpected bills.

Recent own-book funding provided by Bathgate includes £200,000 to secure the launch of The Movement Group’s Zenn Liverpool, a new Asian-inspired 350-seat venue in Liverpool city centre.

It also paid out £420,000 for a Knowsley-based property restoration specialist within one week of application.

“With traditional lenders seeming to be more cautious, it can take six to eight weeks to get a decision, and then this is sometimes ‘no’,” added Gordon. “This means the applicant has to go back to the drawing board. In some cases, it can have disastrous consequences for them.

“Through our own-book finance, we’re able to be more nimble and responsive and provide speedier decisions. This makes it a useful tool for business owners alongside wider financial planning.”