Covid-19 cast a dark shadow over 2020 but the Credo team is looking to a brighter future this year.
We are still in the grip of coronavirus but, amid all the negativity and doom and gloom in some businesses and sectors of the economy, we are positive Credo’s unique five-star customer experience will shine through.
So what makes Credo Managing Director Ian Tims upbeat that our award-winning team can win new business and customers and expand into new markets.
Ian said: “We will do more lending on our own book because we have got the money to do it and to provide our five-star customer experience.”
We are having to bring that five-star service back under our own control because a lot of our lenders are not so forthcoming with funding in the current climate.
“We are putting more on our own book and that helped get us through the first lockdown.
“And many people repaid their loans when they got their CBILS (Coronavirus Business Interruption Loan Scheme) and Bounce Back loans. We had a lot of people who repaid us early because they got government help.”
That puts Credo in a strong position as we have more money available for our own book lending in 2021 and can make decisions quickly on lending as we are fully in control of the process.
“That is our key USP this year as we can put more on our own book although we are taking a bit of a hit. When brokering a deal, we get commission up front whereas, with our own lending, we have to wait for the interest.”
But it is all about sealing a deal to benefit the customer and winning new business while also retaining and keeping existing clients happy.
“We are still happy to lend to the right people, putting us ahead of banks and other lenders which can’t offer the same five-star service, and that is a positive for us.
“We offer market-leading rates, give fast decisions and pride ourselves on our award-winning service. For some SMEs, once they have made the decision to borrow and invest, they want to get on with it,” Ian stressed.
Norfolk is our home market, and we are well known in East Anglia, but our trusted reputation is spreading further afield, helped by winning some prestigious national awards.
It shows we are more than capable of competing with big players in the finance market but our advantage as an independent broker is that we are still a relatively small company that can give a personal service.
Our tight-knit team has a close relationship with a wide range of lenders, as well as our own book lending, and we can make decisions and complete documentation quickly.
We are also excited about expanding into new markets.
Last year we launched Credo Eco Finance which specialises in financing electric vehicles and renewable energy initiatives.
“We have done that type of asset finance for existing customers, such as farmers, and funded electric vehicles and our own book finance means we can grow that niche market.”
It means Credo, now part of the Star Asset Finance group, is looking to bring more expertise into the business to grow this specialist service.
“We have now made it clear we have an Eco-Finance division. It is just adding to our range of products and making it more widely known to our new and existing clients.
“And it’s all in our founder, Simon Gray’s, memory to keep his name and legacy at the forefront of our business.
“I am very excited about 2021.”