FOLK2FOLK, who lend to small regional businesses, and have a branch in Gloucestershire, have announced a pre-tax profit of £534k for the company's first financial quarter of the year.

Earlier this year, FOLK2FOLK announced a profit of £1.1 million for 2020 which was a significant increase on its 2019 profit of £198k.

Today's quarterly profit announcement is almost half of last year's total profits in only three months, a 125% increase on the same quarter in 2020

The quarter's biggest month was March which saw FOLK2FOLK support several multi-million-pound loans across regional Britain and totalled £15.7M.

The firm opened a branch in Tewkesbury in 2016 but moved a couple of years later to the Municipal building in Cheltenham.

Roy Warren, FOLK2FOLK managing director, said: "Our folks are motivated to help as many small businesses as we can across regional Britain.

"We are a rural born and bred business and we want to help those businesses outside of city centres get the finance they need to start, grow and 'level up'.

"We understand them and the challenges they face, and that is why we take an holistic approach to lending and are often able to help when other funders cannot. We've made it our mission to help the under-served regional businesses and have the backing and support of our loyal investor-base."

FOLK2FOLK and its investors have injected more than £436 million into SMEs across regional Britain, enabling hundreds of small and rural businesses across a variety of sectors to grow, diversify or adapt to the post-Brexit and Covid environment.