Dawsongroup Finance has bucked the trend of many firms in the asset finance industry and hired four new members of staff during the coronavirus lockdown.
Figures out earlier this month from the Finance & Leasing Association (FLA) showed that new business in the sector fell by 28% in March and by 15% in Q1.
However, Dawsongroup Finance said it increased its headcount by 50% during the period, with the appointment of three business development managers and a head of sales.
The company has been working with its wider group colleagues to aid the supply of a range of assets including vans, trucks, trailers, forklifts and sweepers.
Kevin Wills, commercial director, said: “Having new starters join during lockdown has been challenging to say the least.
“We were unable to conduct the usual welcomes, introductions and inductions, but the team has shown great patience and enthusiasm for our business, which is rapidly growing.
“We were determined that the Covid-19 crisis would not prevent them from joining, despite the limitations caused by lockdown.”
The FLA said asset finance was hit hard in March due to the measures taken by the government to deal with the pandemic and said it was particularly concerning that new lending to SMEs contracted by 19% compared to March 2019.
Geraldine Kilkelly, FLA chief economist said: “FLA asset finance members provided £20.1 billion of new lending to SMEs in 2019, of which £7 billion came from non-bank lenders.
“We continue to urge the government to provide support for non-bank lenders by allowing them to access the term funding scheme.
“This would ensure that a diverse, innovative and competitive business lending market remains in place to help the economic recovery.”
