Meet the Lender: Jon Bennett, Allica Bank

In the latest in our ‘meet the lender’ series, we caught up with Jon Bennett at Allica Bank to talk growth finance, deal structure and what businesses are getting wrong.

What trends are you currently seeing in the market?

Our innovative growth finance product alongside our recently introduced cashflow capability means we are seeing a lot of M&A opportunities. This sits alongside more straightforward refinances for working capital, often where businesses have been poorly advised on their debt structure.

What advice would you give to businesses seeking financing for the first time?

Take advice and work with a credible commercial finance broker or your accountant. Structure is so important. Incorrect, short-term and expensive debt structures can solve a problem immediately but the issue will often return, especially in a growing, working capital-intensive business.

Do you foresee the lending landscape changing in the next few years and how will this impact finance?

The lending landscape has changed significantly in recent years and will no doubt continue to do so. At Allica we believe there needs to be more lenders providing what we call ‘productive finance’ – working capital facilities that enable businesses and support growth. If the economy is to grow, this type of funding needs to increase, as it is not at the levels seen 10 or so years ago.

What motivates you personally in your work as a lender?

Providing a personal service to our clients from onboarding through to an ongoing relationship. Having open and honest discussions to help businesses achieve their goals is what drives me.

How long have you been working with Evolve Business Finance, and how has the partnership benefited your business?

I’ve worked with Evolve for around three years now. They know their stuff, provide solid information to help progress transactions and always do the right thing by their clients.

Can you share something about yourself that people might be surprised to learn?

I hate questions like this! I’m just a normal bloke – I can’t think of anything that would surprise anyone. I do have two small dogs called Ron and Gladys though – good, strong names for dogs!