Metro Bank commits £30m to fund professional services start-ups
Funding line to be supplied over the next 18 months in collaboration with small business finance provider LDF
Challenger brand Metro Bank has announced that it will inject £30m funding into the UK’s professional service sector over the next 18 months.
The funding package will be supplied in collaboration with small business finance provider LDF. It follows the launch of Metro Bank’s tailored lending service, which is said to help small businesses access professional indemnity insurance funding, tax finance, IT finance and asset finance.
Launched in 2010 as the UK’s “newest high street bank”, Metro Bank is aiming to challenge the monopoly of traditional banks with a competitive offering for business customers and consumers.
The news follows the Competition Market Authority’s major report into the banking industry this week, with the watchdog concluding that ‘banks must work harder for small businesses’.
Nathan Mollett, head of asset finance at Metro Bank, commented: “Professional services is an integral sector in the UK economy and we’re delighted to be able to support it with an additional dedicated line of funding.”