Bibby Financial Services boosts SME funding in Wales by 40 per cent
Specialist funder significantly increases funding to Welsh businesses over 12 months
Wales, UK - Small and medium-sized businesses in Wales benefitted from almost £20 million in funding over the last 12 months, thanks to support from specialist funder Bibby Financial Services.
The UK’s largest independent invoice finance provider increased lending to firms in the region by more than a third (38 per cent) year-on-year, from £14.37 million in August 2013 to £19.9 million last month.
Recent figures from the Asset Based Finance Association (ABFA) underline the vital role of funding to SMEs, with the three months to July signifying the biggest ever quarter for asset based finance, with a record £18.9 billion of funding provided to businesses.
But while asset based funding is on the increase more traditional forms of finance are contracting. According to the Bank of England business lending through its flagship Funding for Lending Scheme (FLS) continued to fall in the second quarter of the year, dropping a further £435 million.
Sharon Wiltshire of Bibby Financial Services Wales said:“We have been able to increase vital funding support to businesses throughout the country over the past 12 months, making a significant difference to their growth ambitions. But there are still many businesses struggling to secure funding so it’s important that invoice finance providers and other funders step-in to offer this support – particularly at a time when the Funding for Lending Scheme doesn’t seem to be hitting the mark.
“We want businesses in Wales to know that we’re here to support them – not only through our funding – but also with our expertise in relation to credit control management, importing and exporting, and our specialist construction finance team.”
Wiltshire is now calling for more businesses to review their funding sources and to consider wider options, such as invoice finance which is increasingly popular among the UK’s growing army of businesses.
Wiltshire added: “Businesses need to recognise that they have a choice when it comes to finance, and this should include looking into the benefits of using alternative, sustainable sources of funding, such as invoice finance.”
ENDS
To find out more about Bibby Financial Services visit:
www.bibbyfinancialservices.com
About Bibby Financial Services
Bibby Financial Services is the UK’s leading independent invoice finance specialist and a trusted provider of cashflow funding solutions to 7,000 businesses, handling annual client turnover of £4.9 billion and advancing in the region of £388 million.
With a network of 17 local offices throughout the UK, Bibby Financial Services has the agility to make informed funding decisions quickly and efficiently.
Bibby Financial Services is a member of the Asset Based Finance Association and supports businesses in both the UK and overseas, utilising expert knowledge from more than 28 years’ experience, helping companies regardless of size across a broad range of industry sectors.
In 2011, 2012 and 2014 the company was awarded a place in The Sunday Times 100 Best Companies to Work For and in 2013 it was awarded the NACFB Best Factor and Invoice Discounter award for the sixth consecutive year and ninth in total.
About Bibby Line Group
Bibby Financial Services is supported by its parent the Bibby Line Group, a business-to-business services group involved in ship owning and operation, shallow water accommodation, offshore oil and gas services, contract logistics, financial services, memorial parks, employment law and health and safety advisory services, specialist plant and equipment hire, and retail.
The company was founded by Liverpool entrepreneur John Bibby in 1807 and has its head office in Duke Street, Liverpool.
About Bibby Leasing
Bibby Leasing is a member of the Finance and Leasing Association (FLA) and part of Bibby Financial Services, the UK’s leading independent invoice finance provider.
Bibby Leasing currently supports businesses throughout the UK in the purchasing and refinancing of essential, expensive industry equipment.