Bibby Financial Services’ leading funding for growth

As the latest figures reveal that bank lending fell by £2.4bn at the end of last year – despite extra finance being available under the Funding for Lending Scheme – alternative finance providers say they are closing the funding gap and helping to stimulate new business growth.

Bibby Financial Services, the UK’s leading independent invoice finance provider, says the asset-based finance sector is working with increasing numbers of small to medium-sized enterprises to provide the funding they need for growth in 2013.

Bibby Financial Services has made more than £41million available to new clients taken on during January and February alone this year, which is 15.8% higher than at the equivalent point in Q4 2012. It is felt this is due to an increasing appetite among small businesses looking to invest who are in need of more flexible and bespoke forms of funding.

The new deals data from Bibby Financial Services also points towards increased activity and growth during Q1 in the wider economy, which could see a more positive level of GDP for the period.

Edward Winterton, UK commercial director at Bibby Financial Services, says: “We have seen a very encouraging start to the year in terms of the new clients we are taking on, which suggests to us that businesses have the appetite to invest and grow their firms.

“It is perhaps no surprise that as bank loans and lending reduced by £2.4bn at the end of last year, businesses have been looking at alternatives and finding that providers such as Bibby Financial Services are able to meet their demands.

“As a result we have seen a significant increase in the level of new businesses we are funding during Q1, which we feel could result in a much-needed boost in the economy on a wider basis. This really demonstrates to us the extent to which alternative forms of business funding now play a key role in supporting businesses looking to grow.”

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