Enterprise Ventures announces appointment to SME Loans team
Enterprise Ventures has made the first in a series of appointments to expand its lending team following the launch of Enterprise Ventures SME Loans.
Chris Pestell, who joins as Investment Director, has over 30 years’ experience in business banking, having worked for NatWest, Bank of Scotland, Barclays, Allied Irish and Yorkshire Bank. Most recently he was Senior Investment Executive with the fund manager FW Capital.
Enterprise Ventures SME Loans is a national fund which was launched in June with £40m backing from Santander UK plc and Greater Manchester Pension Fund. Jonathan Diggines, Chief Executive of Enterprise Ventures, said: “Chris’s background in business banking, his experience of working with SMEs and his knowledge of alternative lending structures make him ideally suited to this new role.
“We have been delighted with the response to the launch of these new loans which represent a significant new source of investment into the SME market. We are now just a matter of weeks away from finalising the first deals having received a very strong level of enquiries during the summer. Whilst a limited number of specialist SME finance providers are entering the market, there are still significant gaps in bank lending. Enterprise Ventures has occupied this space for over 30 years and will to continue to do so but more must be done by the financial services sector to support SMEs.”