Lloyds Bank Commercial Banking has strengthened the help it gives North East businesses managing their cashflow with the appointment of a new member to its invoice finance team.
Dean Whitlie has been appointed as an associate director for SME invoice finance, based in Lloyds Bank’s offices in Grey St, Newcastle.
Dean previously spent almost a decade as a relationship manager in Lloyds Bank’s North East SME Banking team, working closely with regional businesses with a turnover of up to £25m.
He will now work as part of Lloyds Bank’s four-strong northern invoice finance team, led by area director Paul Brady.
Invoice finance is a specialist financial tool that can help businesses better manage their working capital by releasing up to 90% of the funds tied-up in their unpaid invoices, often within 24 hours.
Paul Brady, area director, North West and North East, Invoice Finance Sales, Lloyds Bank Global Transaction Banking, said: “Working capital – which is the money companies have tied up in the day-to-day costs of doing business, including outstanding invoices – is the lifeblood of any successful enterprise, so managing it well is crucial.
“Dean’s appointment to the team adds to the locally-based expertise we provide to businesses across the North East and will help more firms manage their working capital more effectively.
“That’s just one way that we, at Lloyds Bank, work by the side of businesses to support their growth ambitions and pursue new opportunities.”
Graham Lowes, area director, Newcastle & Northumberland, SME Banking, Lloyds Bank Commercial Banking, said: “Dean’s strong insight into the North East’s economy and extensive experience working with local businesses across sectors, including its strong manufacturing base, makes him perfectly positioned to help North East firms address their specific cashflow needs.
“At Lloyds Bank, we’ve committed to lending up to £700m to businesses across the region in 2019. Along with our funding, we’re on hand to offer our advice and a range of specialist tools, like invoice finance, to ensure that they’re fully equipped for growth.”