United Kingdom-based specialist lender Amicus has launched a new commercial finance arm focusing on small businesses and professional services firms.
Amicus Commercial Finance offers a revolving working capital facility backed by a proprietary funding platform which employs smart technology and real-time data connectivity. Selling points include a heightened focus on customer service, responsive products, and transparent fees. Companies with an annual sales range between £0.5M and £5.0 will be targeted.
The new venture will be led by John Wilde and David Hogg, who together built SME Invoice Financing from scratch into a company with £12M annual revenue when it was sold to Metro Bank PLC two years ago.
Amicus CEO John Jenkins says the larger banks are leaving an important void.
“Large bank-owned subsidiaries are currently responsible for around 85 percent of small business lending, but due to cost savings, many of them can no longer offer the type of localised, relationship-based service that is valued by smaller firms and professional services organisations.”
Mr. Hogg sees the same gap.
“There is a compelling opportunity to create a market leading brand in small business finance. We’re excited to have the opportunity with Amicus to build this business and we look forward to the challenge ahead.”
Mr. Wilde believes a blend of customer service and new technology will be a winner.
“We believe that the market will welcome a fresh approach from a commercial finance provider that is able to combine the strengths of a relationship-driven service with technology-based processing power.”