Edinburgh based TenTel has agreed a £500,000 loan to be provided by Barclays Innovation Finance, which will help the company invest in new staff and IT services following a period of accelerated growth.
Established in 2013, TenTel provides short-term flexible broadband, phone and TV packages, specialising in the private rented sector. All its services go “live” on the day new tenants move into property, a USP in the market as normally the process can only begin once residents have moved in.
The company approached Barclays to support its business growth after learning about the bank’s commitment to support Scottish enterprise. The deal was led by Head of Business and Corporate Banking at Barclays Jamie Grant, Corporate Development Directors Malcolm Crawford and Lesley Barnwell, Relationship Director Helen Hutchison and Client Onboarding Seonaid McFadzean.
Daniel Halliday, Finance Director of TenTel, commented: “With our business experiencing exponential growth, we needed support from a progressive funding partner like Barclays who could meet our current needs and also see the future potential of the company. It’s encouraging to work with an engaging, experienced team that continuously offer not just banking services but strategic support. The deal will give us the working capital we need to invest in our staff and IT services to meet growing demand in the marketplace.”
The loan is part of Barclays Innovation Finance, a scheme providing innovative companies with additional financing at more favourable rates as part of the bank’s commitment to supporting high growth businesses in the UK. The loan will be backed by a guarantee of the EIF, enabled by the InnovFin initiative with financial backing from the Commission\'s Horizon 2020 programme.
Jamie Grant, Head of Business and Corporate Banking at Barclays, commented: “SME lending is core to our offering at Barclays and TenTel perfectly aligns with the kind of high growth, inspiring businesses Innovation Finance was developed to support. By working with companies like TenTel at this crucial stage in their life cycle, we are helping them scale up for future growth.”
The new agreement allows Barclays to provide EUR 140m (GBP 100m) finance to innovative companies in the UK over the next two years.
Earlier this month the bank launched its first dedicated fund to support small and medium sized enterprises (SMEs) in Scotland. The £500m loan fund has been introduced to address gaps in the supply of finance reflecting Barclays’ commitment to creating a supportive environment for SMEs to grow.