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Specialist asset-based lender Ultimate Finance broke its annual lending record last year, providing funds of more than £1.6 billion to SMEs in the UK.

The company’s loan book also reached a record £265 million during 2019, while clients also increased.

Other highlights included asset finance, where the loan book reached a record of £55 million.

Josh Levy (pictured), chief executive officer at Ultimate Finance, said: “Ultimate Finance has prospered in 2019 against the backdrop of an unsettled year for many UK businesses. Uncertainty surrounding Brexit and the general election were contributing factors to business investment falling in five of the last six quarters, however it is encouraging to see business confidence returning.”

During the year, Ultimate Finance also became a founding signatory of the SME Finance Charter to demonstrate its commitment to supporting small business growth.

Levy added: “Our continued growth mirrors a trend of businesses becoming more comfortable with alternative finance providers and moving away from traditional banks. This trend, along with the investment in developing our introducer relationships, present us with a big opportunity for 2020 to continue supporting more businesses around the UK.”

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