Close Brothers Commercial Finance, part of Close Brothers Group plc, has appointed Stephen McCarthy as Regional Director for the Cork / Munster region with responsibility for providing working capital and asset based lending solutions to the SME sector.
Asset based lending is an innovative product which enables a business to raise debt facilities secured against a number of different asset classes including receivables, plant and machinery, property and inventory. The funding can be used for a wide range of purposes including financing additional working capital, refinancing, capital expenditure and business acquisition.
This new role will complement and work alongside Close Brothers’ existing team in Cork / Munster which focuses on providing asset finance solutions for SMEs through a range of products including leasing, hire purchase and contract hire.
Stephen brings with him over 20 years of experience in the finance sector – 10 of which have been in the invoice finance industry – having previously held positions at Ulster Bank and Anglo Irish Bank. His most recent role was Senior Manager - SME Banking at Ulster Bank.
Stephen said: “I am looking forward to working as part of a committed and passionate team at Close Brothers, helping SME businesses in Munster to fund their growth and expansion plans.”
“As well as being expert providers of invoice finance and asset finance, Close Brothers Commercial Finance has the ability to be extremely flexible and provide even more finance to SMEs via asset based lending, allowing them to access funds against other assets such as commercial real estate and stock.”
“I also look forward to working alongside my colleagues who specialise in asset finance as together we can offer a highly tailored solution that is unique to each of our clients.”
Paul Stephens, Head of Sales for invoice finance in Ireland, said: “Stephen joins the team at a very exciting time. Our own research has indicated that almost a quarter of Irish firms plan to seek funding this year as optimism about the future of the economy continues to rise.
“Along with an increase in competition, restricted cash flow is a major barrier for a large number of Irish SMEs and we are continuing to demonstrate our commitment to helping local businesses overcome these challenges with alternative finance options.”
Close Brothers Commercial Finance is a leading independent provider of asset and invoice finance to both SMEs and large businesses, offering a range of products that help firms with cash flow and working capital demands.