PCF Bank has partnered with Code Investing to provide vehicle finance to SMEs.
The agreement will allow PCF to have direct lending access to SMEs that require hire purchase and leasing finance to help them acquire a range of business-critical assets through Code Investing’s panel of funders.
The focus will be on SMEs whose investment plans meet pre-determined criteria set by PCF.
Ayan Mitra, CEO and founder of Code Investing, added: “Our role will be to act as a filter for PCF, presenting them only with pre-qualified companies that meet their criteria.
“As they increase their market share, this will ensure their growing portfolio is fully optimised and de-risked.”
PCF has been supporting the UK SME sector for almost 25 years by providing finance to help businesses acquire a wide range of vehicles and equipment such as commercial vehicles, coaches, construction equipment and manufacturing equipment.
It currently has a portfolio of more than £200 million of finance receivables spread across over 14,350 customers.
Robert Murray, managing director of PCF, added: “We see partnerships like this one as key to the development of our business as we look to grow our portfolio from its current levels to £350m by September 2020 and £750m by September 2022.”