New Shawbrook Bank vows to boost SME lending

The RBS backed, Shawbrook Bank vowed a "straightforward, no–nonsense alternative to the high street". Lending more to small businesses will be a key objective for Shawbrook bank- which is formed from a revamp of commercial lender Whiteaway Laidlaw Bank. Shawbrook Bank said: "Our approach to lending is flexible and our approval–process is efficient. We can help businesses grow and succeed – we want to help businesses write their success stories." This will be achieved through cutting down on bureaucracy said Shawbrook chief Owen Woodley. He said: "When we created Shawbrook Bank we spent time listening to the needs of small businesses. We have chosen to operate through brokers rather than a branch network which makes us efficient and agile, and we make fast, robust decisions based on common sense and knowledge of our customers — not a computer score." SME manufacturers have bemoaned hostile lending conditions operated by the existing high street banks. A WM Manufacturing Summit in March heard businesses slam onerous lending terms.