UK commercial lending business, STAR Asset Finance Group, has today announced the launch of a new unsecured commercial loan product.
The loans, available to Professional Practices and SME’s across the UK, are available over terms ranging from 3 months to 5 years, with a maximum lend of £250,000, and can be accessed via any of the STAR family of companies.
STAR’s loan product is one of several new offerings available to UK businesses from the Group, having launched their “STAR Stocking” product in June for vehicle forecourts and garages, and sees the group continuing to invest in supporting their customers.
The group also recently launched a northern presence with the recruitment of 3 Business Development Managers in Cheshire, Staffordshire and Northumberland, and continues to recruit in order to meet increased demand from its customers.
STAR Asset Finance Group Commercial Director, Paul Slapa, said of the STAR Loans launch, “Launching a loan product allows us to better service the funding needs our customers. We continue to support their asset finance needs but can now also better support their cash-flow challenges without relying on 3rd party funders to do so.”
“The introduction of a loan solution also aids us with our continued growth plans, as we enter new markets where loans are the primary source of funding needed by customers.”
“Over the next 3 to 4 years, we will treble the size of our group, and new solutions such as unsecured loans and stocking finance contribute to that.”
STAR Asset Finance employs over 160 people across the UK, and has arranged over £1.4Bn of funding since the Group was formed in 2014. In the first half of this year, STAR’s lending volumes grew over 14% – twice the UK SME market average, according to FLA stats.