Entrepreneur Andy Tait is teaming up with Texas-based Sallyport Commercial Finance LLC to launch a commercial lender in Scotland that plans to back small businesses by providing working capital and cashflow.
Sallyport Commercial Finance will be based on St Vincent Place in Glasgow and will target companies turning over up to £10 million.
Tait launched the Scottish arm of Bibby Financial Services in 1999 and built the company to become the largest independent invoice finance provider in Scotland.
Most recently, he served as chief executive at GreenAcres Cemeteries & Ceremonial Parks, having led a private equity-backed management buyout.
Now, Tait is launching Sallyport Commercial Finance with fellow directors Joanna Cashmore and Kirsty Neely – who join from Bibby and Sonovate respectively – along with senior executives Allan Dempsie and Michelle Carroll.
Sectors being targeted by the lender include haulage, manufacturing and recruitment.
Tait said: “The cost of trading crisis is really taking its toll on Scottish businesses, with sky-high energy prices and coronavirus support repayments causing headaches for entrepreneurs.
“Sallyport Commercial Finance will offer an alternative to traditional lending provided by the high-street banks, with an experienced, more personalised and local service.
“Having built businesses in Scotland and other parts of the UK, I understand the pressure that the owners of small companies are feeling.
“Invoice finance can be a great option for many businesses to free-up working capital and boost their cash flow.”
Sallyport Investments is a family office founded by Doug Foshee in 2012 to provide capital and leadership to early-stage companies, with a primary focus in the energy industry.
Tait added: “Having worked with Nick and Emma in the past, we are all very excited to launch Sallyport Commercial Finance in the UK with an investor who really understands the sector and the challenges facing small businesses today.
“Sallyport Commercial Finance already has a strong reputation in North America for helping small and medium sized businesses and their owners become successful and I’m proud to bring the brand into Scotland.
“We can help companies make their assets work harder for them, providing the cash they need to trade effectively and fuel further growth.
“Challenging times also create opportunities for Entrepreneurial Owners and businesses. We see increasing numbers of businesses looking to North America to sell products and services rather than Europe presently and a trusted experienced finance partner like Sallyport Commercial Finance can help make them become a success at home and abroad.”