Specialist commercial finance provider Wesleyan Bank has provided Liberty Leasing with a £3 million block discounting facility to fund its future growth.
The facility means Liberty Leasing can meet increasing demand from UK businesses for its multiple asset and vehicle finance solutions.
Wesleyan Bank’s recently launched block discounting offering is a wholesale finance facility, aimed mainly at alternative finance companies.
Richard Baker (pictured), head of block discounting at Wesleyan Bank, said: “This should be a really exciting year for Wesleyan Bank’s block discounting business.
“Our launch into this sector allows us to further enhance our product offering through niche receivable solutions, which will assist our partners to provide additional funding to their customers.”
Liberty Leasing is the first customer to benefit from the new facility and Allan Clegg, managing director, said: “We have historically used block discounting as it is a fixed cost agreement that can be utilised very quickly to fulfil business demand and boost cash flow.
“With the support of Wesleyan Bank and our loyal broker network, 2020 will see us continue the growth of our own finance book and drive strong levels of service.”
Wesleyan Bank is a wholly owned subsidiary of Wesleyan Assurance Society, which has more than £7.2 billion of assets under management.