“We are pleased to see that people are borrowing for the right reasons again rather than to stay afloat,” – Murray Dundas, SME Life.
A new ‘one-stop-shop’ for SMEs has launched in Scotland.
St Andrews-based SME Life, which specialises in lending and banking, has been set up by financial services specialist Murray Dundas, who previously worked for National Australia Bank.
According to Dundas, SME Life offers bespoke business solutions, including same day lending, to all types of ventures, from sole traders to limited companies.
Other services include utilities audits to see where businesses can save money, legal services, accountancy and credit protection, as well as e-commerce support and chip and pin.
Scotland B2B asked SME Life what sets them apart and why businesses should go to them rather than the high street banks.
Q: What kind of lending can you offer?
A: We can provide same day lending in many cases to a wide range of SMEs and start-ups, including sole traders and limited companies, which can borrow anywhere between £5k and £25 million depending on their circumstances.
Q: Why should businesses consult SME Life instead of approaching the banks directly?
A: There are a number of benefits to using us as a broker and we’ve found that by being the middle man, it actually speeds up the process. We deal directly with everyone involved, including underwriters and accounts, so SMEs don’t have to. We also deal with many lenders to get the right deal and can access the information much quicker than if SMEs were shopping around themselves. We can also do a quick loan assessment and tell businesses there and then exactly what they could be eligible for without leaving a footprint on their credit file. Not only can we secure deals that might not otherwise happen, we can get things done much quicker and, in most cases, can wrap up deals within a week.
Q: Who has already benefited?
A: We have already helped a number of Scottish businesses, including in the hospitality, retail and motor trade industries, secure the funding they need to expand. We are pleased to see that people are borrowing for the right reasons again rather than to stay afloat. Despite the statistics which might suggest otherwise, we’re seeing a lot of business confidence and firms looking to grow their operations.
Q: How else can you help SMEs?
A: We can help businesses save on their utility bills by carrying out an audit and sourcing cheaper quotes. This is a growing area for us and can really make a difference to SMEs’ profitability.