A new cash flow and bridging fund for SMEs that aims to offer flexible commercial loans has been launched by Yorkshire based financier James Mortimore.
TFG Capital has been established by the former Reward Capital and Aldermore financier, and launches with an initial bank of £7.5m for transactions.
With offices in Leeds and Doncaster, TFG Capital expects the majority of its transactions to be for loans to northern SMEs for between £50,000 and £3m over terms up to two years.
“Over the last 10 years I have seen an increasing number of good businesses with great potential that needed to borrow to grow or to exploit a particular opportunity, and which proved unable to secure funding simply because they didn’t fit the profile prescribed by existing lenders,” said Mortimore.
“Not only was it frustrating for the businesses that couldn’t access funding from their own banks or ABLs, it was also a missed opportunity for the lender as the proposition often presented a good solid business deal for everyone, and that is the gap we are looking to bridge.”