Author Archives: blx
Conister Bank Acquires 40% Shareholding in BLX
London listed Conister Bank has acquired a 40 per cent stake in leading sub-prime asset lender The Business Lending Exchange (BLX). Conister also has in place an option to acquire the remaining issued share capital in three years’ time.
The move further strengthens the ties between the two businesses following the provision by Conister of a £4m lending facility for BLX in November 2017 – while the bank’s managing director Douglas Grant becomes a non-executive director of the company.
“We are delighted to build on our excellent working relationship with Conister Bank,” said Chris Allan, managing director of Huntingdon based BLX.
“It will help us service the desperate need there is in the UK for funding to the small business community, largely ignored by traditional lenders. They are the backbone of the British economy yet high street banks have been strangling them of finance needed to grow and create employment.”
BLX primarily lends to start-ups, sole traders and small businesses with advances of between £1,000 & £30,000. It promises to make a decision within an hour and provides money secured on assets such as vehicles or machinery.
Added Douglas Grant from Isle of Man based Conister: “The Business Lending Exchange has as its focus small scale lending to smaller businesses – a market sector that has recently witnessed a reduction in lenders. This, along with the company’s commitment to customer service will propel this business to a meaningful size in the next few years. We are pleased to be the debt provider and a major shareholder in this business and believe it will be a great bolt-on to the bank through the exercising of the option.’
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BLX in £4m cash lifeline to SMEs
A Cambridgeshire company has secured a multi-million pound deal to help cash-strapped small and micro businesses across the UK.
Asset finance lender The Business Lending Exchange (BLX) has negotiated a £4 million funding facility with Isle of Man based Conister Bank.
Huntingdon-based BLX lends to organisations finding it difficult to secure finance elsewhere, allowing them to acquire assets or raise capital.
The new facility will immediately be put to work with BLX looking to lend to a customer base of startups, sole traders and small businesses with advances of between £1,000-£30,000.
It is also promising to give a decision within one hour of receiving an enquiry and lends money secured on assets such as vehicles and machinery. Providing funding for such a market is a passion of John Stickley who founded the company over 10 years ago.
Stickley, who has been in the finance industry since 1983, said: “I am appalled at the way the High Street Banks treat small businesses which are the backbone of the British economy by strangling them of the finance many of them need to allow the enterprises to grow and flourish. It was this attitude that prompted me to set up BLX in the first place.
“That is why I am thrilled with our new partnership with Conister Bank which will help us to meet the huge demand for our services.
“It is very satisfying to be able to make a loan, even for a few thousand pounds, to a startup business, or a sole trader as it can make a massive difference to their future prospects.”
Conister Bank managing director, Douglas Grant added: “We are delighted to help an independent lender provide vital funding to such an important market sector.
“The BLX management clearly has the same dynamic approach to lending that has been the hallmark of Conister since our inception.”
The deal between BLX and Conister was structured by Zac Cogan, managing director of Corporate Asset Solutions Ltd, a specialist provider of financial services and solutions to the sector.
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Extremely flexible approach
Mrs G from Manchester was experiencing potentially terminal problems with her bank’s attitude until she heard about the BLX. “I got in touch with The BLX after a business colleague recommended them. My aim was to raise funds to purchase a building and assets in order to enable me to continue to run a profitable business. I am now the proud owner of the property and my business runs successfully without worry. I have recommended The BLX to several business associates who have looked to secure funding and have been knocked back by the mainstream lenders. The BLX have an extremely flexible approach to how they fund.
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…the very best
A small business owner needed to raise working capital urgently to provide working capital until his property was sold. We completed the transaction from offer to payout in 2 weeks, taking a charge on assets and on a property.
“I cannot adequately express my appreciation for the outstanding help provided by BLX. With their guidance and support I managed to successfully resolve a very, very difficult and stressful financial problem. To me BLX represent the very best that is available in the financial services sector.”
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Our business can move forward
A plant hire company in Wiltshire needed to add stock in their depot. The asset depreciation on their balance sheet made a convenient excuse for banks (yet again) to tell a growing profitable business that they could not help. Time for the BLX to bulldoze in and dig up a facility!
“We had been banging on doors about a business loan for our company for nearly two years, even with a comprehensive business plan and a historically successful business, the answer was still no!! Just a few short months after being introduced to the BLX and the money we wanted is actually in our account and our business can move forward.”
Mr M of Salisbury.
Thanks for everything
A guest house needed a commercial loan to undertake a refurbishment but the costs of up front valuations and broker’s fees was causing them a problem. Because the guest house had remained closed for a while, money was tight and the client asked us to provide the funds for the fees; this enabled the client to complete the loan, have the work done and start earning money again.
Mr G of Blackpool says, I found the help and efficiency of the company to a very high standard and I would not hesitate to recommend them to anyone. I was well looked after.”
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