By Edward Winterton, Commercial Director at Bibby Financial Services.
In direct response to the rise in demand for alternative finance facilities from UK small and medium-sized enterprises (SMEs), Bibby Financial Services, the UK’s largest invoice finance company, has increased its available funds for businesses by £90million to an all-time high of £430 million.
The additional £90million is an increase on the existing £340milllion four-year deal, which still has two years to run, and is the result of a banking syndicate led by Barclays with Bank of America, Wells Fargo and ABN, who each hold £30 million, joining current contributors RBS, GE Capital and Lloyds TSB.
The extra funding comes online as the latest figures from industry body the Asset Based Finance Association (ABFA) show that turnover of the 41,989 companies using invoice finance in the UK has grown by six per cent in the first quarter of 2012.
Funding by ABFA’s members has also risen four per cent year-on-year with £15.4 billion advanced at the end of March.
The increase in our funding facility underlines our singular commitment to supporting small and medium-sized businesses in the UK. This is especially crucial at a time when many businesses are struggling to secure speedy access to finance to allow them to capitalise on potential growth opportunities.
A key factor driving the increase in demand for invoice finance is its ability to grow directly in line with sales, as advanced funds are based on a company’s invoices.
With the facility this year increasing to £430million, Bibby Financial Services is in a position to provide significant funding to businesses of all sizes across a number of different sectors that will make a lasting difference to those looking to grow and move forward in this difficult climate.
Fresh Business Thinking is running a must attend event for business owners, managers & entrepreneurs looking for alternative sources of funding.
The Fresh Business Thinking Guide To Raising Finance is sponsored by Bibby Financial Services. You can book your ticket here for just £95 by using the code 'EarlyBird' at the checkout.