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|Lloyds Bank appoints new area director to Commercial Finance team in West Midlands|
|Friday, 23 October 2015|
Lloyds Bank has appointed a new area director for its Commercial Finance team supporting SME businesses in the West Midlands, as demand for asset based finance products continues to increase.
Tim Hanley has worked at Lloyds Bank for 35 years, and takes up his new role after working with SMEs in the Midlands and Oxford for the past 15 years. He will oversee a team of five regional managers, which includes two new appointments, Chloe Alcock and Rob Horton.
Chloe brings 12 years’ industry experience to the role, and will work with businesses with a turnover up to £10million across areas such as Wolverhampton, Lichfield, Staffordshire and Nuneaton. Rob will use his 28 years’ experience to support firms in Birmingham and Solihull with a turnover between £10 and £25million.
The Commercial Finance team works closely with clients to support their growth ambitions with products such as invoice finance, which enables a business to borrow against the value of its unpaid invoices, improving its cashflow and generating working capital. The bank also offers asset based lending to enable asset rich firms to access finance quickly, to take advantage of expansion opportunities.
The overall amount of funding provided to businesses through asset based finance, which includes invoice finance and asset based lending, rose by £370million in the past year to stand at £19.3billion*, according to latest figures from the Asset Based Finance Association.
Commenting on the new team, Tim said: “Rob has worked with Commercial Finance products, and particularly invoice finance, for 22 years, and brings a wealth of experience to the team, along with Chloe, who knows the local market extremely well.
“Together our focus is on delivering tailored funding solutions to help businesses in the West Midlands achieve their long-term growth ambitions. The flexibility of Commercial Finance products means they are increasingly attractive for local businesses, and we’re committed to supporting economic growth in the region.”
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