Aldermore is one of the accredited lenders under the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS), which means it will offer finance to small and medium-sized businesses affected by the pandemic.
Founded in 2009, Aldermore is a direct lender (not a broker) offering SMEs a specialist lending service across three areas: asset finance, invoice finance and mortgages. It funds its business loans predominantly through deposits it receives from UK customers into their savings accounts.
Aldermore serves its customers online, by phone and in person through a network of nine regional offices across the UK.
As well as its mortgages, Aldermore offers invoice financing and asset financing to SMEs who want to grow their business.
Invoice finance allows you to quickly release cash into your business by converting the value of unpaid invoices into ready working capital.
This enables your business to get instant access to the cash you’ve earned when normally you’d have to wait 30, 60 or even 90 days for debtors to settle invoices and for the money to appear in your bank account.
If you are a business that provides a service or product on credit and raises invoices, you may be eligible for invoice finance. To be accepted for invoice financing with Aldermore, you should have a minimum annual turnover of £250,000.
With asset finance, you spread the cost of equipment over the course of its economic life. This way you can avoid tying up your valuable working capital. Aldermore offers a range of finance options including hire purchase and lease finance, where you can make regular repayments over an agreed period to suit your needs.
To be accepted for asset finance with Aldermore, you must show that you can afford the repayments. The asset you want finance for must also be worth at least £5,000.
The costs you pay to Aldermore will vary depending on factors like the type and amount of funding you apply for, the cash flow of your business and its credit rating.
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