Bibby Financial Services recorded its second best month on record in March as it boosted its funding support for SMEs in the UK.
It made 158 new agreements in the month, providing funding limits of £49m to new business clients.
Funding provided included a combination of invoice discounting and factoring, in addition to specialist products, such as trade finance, export finance, construction and recruitment finance.
UK sales director Dave Golding said: “This is a fantastic achievement and testament to the expertise and client-centric focus of our teams right across the country. Additionally, it demonstrates the strength and breadth of our relationships with local business communities and business advisors.”
Golding said the business had seen an increase in funding agreements “across the board”.
Bibby Financial Services has broadened its product portfolio in recent years, with the launch of a foreign exchange business in 2016 and the addition of a stock finance offering.
Data from UK Finance shows that asset-based financing reached £23.4bn at the end of 2017, up 5% on funds advanced at the end of the previous year.
According to Bibby’s latest UK SME confidence tracker, the number of businesses expecting sales to increase between April and June jumped by 13%, with 50% expecting to see an increase, when compared with expectations for the first three months of the year.
