The Business Exchange Bath & Somerset Issue 15: Spring 2020 | Page 13

10 Minutes with South West Business Finance South West Business Finance (SWBF) is a funding advisory firm set up in 2014 by corporate bankers Dan Smith and Steve Barrett. The pair met over their love of rugby at Trowbridge RFC. Dan had been working for Lloyds for 14 years and Steve had been at HSBC for 29 years. Fed up with the corporate race and red tape involved in large institutions, both decided they were going to leave their respective jobs and go solo, but after a few discussions they decided they were stronger together and set up SWBF. Fast forward five years and SWBF has made a name for itself across the South West as the go- to firm for any business looking for funding options. The firm has grown from a team of two to 14-strong and has helped to secure nearly £350 million of lending for clients. How’s 2020 been for business so far? The year’s off to a great start. It was like a button had been pressed when we returned to the office on 6th January after the Christmas break. The election results and things becoming clearer on Brexit have definitely had a positive impact on the market. Have you seen an uplift in any particular areas of lending? The property market has definitely seen an uplift. People are coming to us for capital on new projects which is exciting. We’re also seeing more decisions being made on investment in new kit or acquisitions that had previously been on hold because of the political uncertainty last year. Is access to funding getting easier? At SWBF we can offer a much wider range of funding options than the traditional banks. Getting lending decisions is becoming more difficult, but that’s where we come in. We have established excellent relationships with our lenders and have a track record of doing deals with the client in mind. We work with clients to find the right deal for them, acting as trusted advisers. We meet all of our clients and see the asset, whether that’s the business or the property. We offer a number of funding options including bridging finance, invoice finance, crowdfunding, asset finance, commercial mortgages and banking consultancy. We also work closely with property investors and developers. message is that we’re not really brokers, we’re more quasi-bank manager consultants. We want to see businesses succeed and achieve their goals with our support. Our team is set up so that each client is looked after by a consultant within a 10-15-mile radius. Now that we’ve been in business for five years, our reputation is increasing. People are now working with us for the second or third time and this is generating lots of referral business, so much so, that we’re looking to grow our team again this year. Steve Barrett How is online lending affecting the market? Online lending doesn’t look at the whole picture, it often just fixes a temporary problem a business might be facing. It doesn’t ask is it the right amount for you? Is it the right product? We often find that four to five months after initially getting money in this way, a business is in a worse state than it was before. It’s then a ‘no’ to future lending because you’ve already taken out an unsecured loan and probably have other secured debt and are fully liable personally, so there’s nowhere to go. Insolvency practitioners are seeing this already and are busy with these cases. Our advice would be to talk to an adviser before committing to an online deal. We have access to over 200 lenders, and we are completely independent and not attached to any one - we’re committed to being ethical lenders. Dan Smith “We are committed to being ethical lenders” What’s next for SWBF? We’re planning a party for this summer, watch this space! What do you think has been key to your success so far? It’s all about the personal approach. We’re not order takers. We take time to meet our clients to discuss and fully understand their needs before making lending recommendations. This could be ensuring they receive other expert advice before they proceed with a deal. Our To find out more about South West Business Finance email: [email protected], call: 01225 800849 or visit: www.swbf.co.uk THE BUSINESS EXCHANGE 2020 13