Aldermore has revealed that its asset finance portfolio has exceeded £1 billion.

The bank’s asset finance team has increased its lending year-on-year since it was formed in 2009, and during that time has advanced over £2 billion to support UK SMEs.

The Bank has widened the range of assets it will fund in 2009 and now finances plant, machinery, materials handling equipment, office technology and vehicles, as well as wholesale financing, block discounting and providing stocking finance.

“UK SMEs are increasingly choosing asset finance to fund significant investments and the team at Aldermore is clearly providing much needed funding,” said Carl D’Ammassa, managing director of asset finance at Aldermore.

“To have reached a portfolio of £1 billion and advanced over £2 billion in just five years is a real achievement and testament to the high quality service we provide to our partners.

“Many small and medium-sized businesses have struggled to get finance over the past few years, but at Aldermore we work with our introducer partners to understand their customers’ requirements and make sure we can deliver flexible finance solutions to meet their needs. We’re excited to be able to support the growing ambitions of SMEs, the backbone of the UK economy.”