Bibby Financial Services provides SMEs with up to £40 million funding in July
Bibby Financial Services increased its funding to businesses in July in what is the funder’s best month on record.
Bibby Financial Services made 114 funding agreements, providing funding limits of over £40m, to new business clients in July.
Bibby Financial Services chief executive, David Postings, said results highlight more and more businesses moving away from traditional bank-lending.
He said: “There has been an important step-change in attitudes towards non-bank lending over recent months. The tides are turning as businesses are seeing the value and benefit of other forms of finance, such as invoice finance and asset based lending more broadly.
“Across the board, we have seen a huge increase in funding to businesses of all sizes, across a broad spectrum of industry sectors.
“Our corporate team, which deal with larger businesses, construction finance team and trade business each had record months for new funding. This is a fantastic achievement for us, but it also provides a significant boost to UK PLC”
Results come following a BFS study of 1,000 businesses - with turnover of up to £25m –which found that well over half (59 per cent) expect to invest in recruitment, training and technology in the months leading to October.
Findings from the SME Tracker show that of those looking to invest, a quarter will spend on technology and equipment (27%); one in five (20%) will recruit new staff and one in four (23%) will invest in employee training programmes.
In addition to securing finance to fulfil these investment plans, Postings said the jump in funding is down to growing awareness of invoice finance. He said: “It’s clear that UK SMEs are investing for the future, which is extremely positive so it’s vital that they have funding in place to facilitate these growth aspirations.
“SMEs are spreading their gaze when it comes to finance. Gone are the days when bank loans and overdrafts would be the first and only ports of call for businesses looking for finance.”