Aiming to help improve Midlands businesses’ access to finance, Growth Street has brought on board Richard Steele as Business Development Manager for the region.
To mark the occasion, Growth Street brought together local finance professionals and business leaders at an exclusive event at Birmingham’s Hotel du Vin, to introduce the Growth Street concept and highlight opportunities for Midlands businesses looking to grow.
Despite only officially launching its presence in Birmingham this week, the Midlands has been a core market for Growth Street for some time. Earlier in 2018 Growth Street surveyed UK SMEs, finding that 70% of Midlands-based respondents had never looked beyond a traditional bank to finance their business. Furthermore, only 25% of Midlands SMEs said that they have a good understanding of their finance options outside the banks.
Andy Street, Mayor of Birmingham and the West Midlands is providing the opening address and giving his seal of approval to the contribution Growth Street has made, and will continue to make, in Birmingham.
Greg Carter, CEO, Growth Street, commented: "Many businesses we speak to say that banks have made it harder for them to access really flexible, tailored finance. With many businesses having never looked outside their bank for funding, it’s clear there is more for finance providers to do to boost businesses’ understanding of the finance options available to them.
"The Midlands has long been a hub of British industry. In light of this, I think Midlands firms need more guidance on the options available to them. at Growth Street, that’s what we are committed to providing.
"I’m thrilled to launch our presence in Birmingham. I see this as a big step towards our goal of providing better guidance and access to finance for businesses around the UK. There is huge potential for business growth here, and we’re looking forward to being a part of that.”
Growth Street operates a peer-to-peer marketplace that matches investors’ money with growing businesses. Growth Street’s flagship business finance product, GrowthLine, works much like an overdraft: in a given month, businesses can draw down funds and make repayments as often as they like within their limits. The firm has matched over £175m of funds with businesses since its launch.