Praetura’s lending division, led by Praetura Asset Finance, has achieved record-breaking performance in the first six months of 2024, significantly increasing its lending to UK SMEs. The division saw a 32% rise in lending compared to the same period in 2023, reflecting the growing demand for alternative financing solutions.
Praetura Asset Finance played a pivotal role in this success, supporting over 6,500 businesses since its founding in 2013. The specialist lender, which offers funding options from £10,000 to £35m, has provided critical support across various sectors, including manufacturing, transport, recycling, import and distribution, retail, and hospitality.
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In the first half of 2024, Praetura Asset Finance reported a one-third increase in deals compared to H1 2023, driven by heightened SME demand for growth-fuelling finance. The company completed its largest deal to date, lending £5m to the construction sector.
Other companies within Praetura’s lending division also contributed to the record-breaking performance. Kingsway Finance supported 41% more businesses in H1 2024 compared to the same period last year, leveraging the Recovery Loan Scheme Phase 3 and the newly launched Growth Guarantee Scheme, accredited by the British Business Bank.
Praetura Commercial Finance Group recorded a remarkable 225% increase in funding provided in the first half of 2024 compared to H1 2023. This growth was driven by a combination of invoice discounting, refinancing, cash flow lending, property loans, and stock revolver finance, often featuring collaborative funding solutions.
Zodeq, acquired by Praetura in 2022, enhanced the division’s capabilities with its expertise in invoice financing for the recruitment sector. Zodeq saw a 37.5% increase in new clients this year, with a significant 29% of new clients signed in one month alone.
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By GlobalDataTo support this unprecedented growth, Praetura’s lending division expanded its workforce by nearly a quarter in the past year to 143 staff, marking a 276% increase over the past five years. The division launched the Summit graduate scheme to cultivate new talent in the finance sector, employing 40 graduates and apprentices since its inception, with six more joining in September 2024. Additionally, the North West-based business opened a new office in Milton Keynes in April 2024 to better serve businesses across the UK.
Praetura Asset Finance continues to lead the way in providing innovative and essential financial solutions, contributing to the record-breaking achievements of Praetura’s lending division.
