LHV UK Enters SME Loans Market, Eyes UK Banking Licence
(20 December 2022 – United Kingdom) LHV UK will commence issuing SME loans backed by commercial property starting from £500,000 after receiving approval from the Financial Conduct Authority.
The company's enrolment in the financial services register follows LHV UK's acquisition of the SME lending business of Manchester-based regional lender Bank North in October. The transaction included a £17.9 million loan book, but until today, the firm was only allowed to service existing customers.
LHV UK is focusing on winning a full UK banking licence, after submitting an application in March 2022.
“There is a strong proven demand for SME loans, and we are confident that by leveraging our considerable experience and readily available capital, LHV UK can quickly establish and grow a strong lending business,” said LHV UK Chairman, Madis Toomsalu.
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