Staffordshire-based Shire Leasing has completed the first-ever drawdown of Wesleyan Bank’s newly launched block discounting offering, the national leasing provider said in a statement.

The block discounting offering by Birmingham-Wesleyan Bank is a wholesale finance facility which bolsters the funding capabilities of alternative finance companies offering loan agreements to businesses, it said.

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Shire Leasing and Wesleyan Bank agreed a £5m facility on 30 January and the first block drawdown threshold has already been transacted.

Shire Leasing, which works with equipment vendors, said the offering characterises how wholesale finance enhances the ability to meet demand from UK SMEs for alternative finance.

Richard Baker, head of block discounting at Wesleyan Bank, said: “Wesleyan Bank is able to offer alternative block discounting facilities that make us an attractive proposition in the marketplace, in tandem with an efficient, low-touch drawdown process. In this case, we were able to provide a facility to support Shire Leasing’s loan offering.”

Shire Leasing said the facility agreed with Wesleyan Bank will predominantly be used to offer businesses a cash injection via a competitive loan product, available on a flexible term up to three years.

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Malcolm Workman, chief operating officer at Shire Leasing, said: “2020 marks Shire Leasing’s 30th anniversary and this agreement with Wesleyan Bank aligns with our vision to continue building long and successful relationships, whilst delivering innovative funding solutions to UK SMEs”.

Wesleyan Bank was established in 1993 and is a wholly-owned subsidiary of Wesleyan Assurance Society.