Boost Capital, a leading small business financing platform, today announced it has issued more than £1.6bn in financing to over 22,000 small businesses across the United Kingdom, United States and Canada through its parent company BFS Capital in the United States.
Boost Capital provides financing from £3,000 to £125,000 to United Kingdom-based merchants across more than 400 industries, and demand for the company’s products continues to grow. In 2018, fourth-quarter originations were the highest quarterly originations ever in Boost Capital’s 6-year history and BFS Capital’s 17-year history. Third-quarter originations also represented the best third quarter ever for Boost Capital and the parent company.
Alex Littner, Boost Capital’s managing director, said: “We’re really proud to have passed this milestone. The £1.6bn in originations isn’t just a number—it’s a vital lifeline that we’ve provided to the small businesses who dominate the UK economy.”
The latest research carried out by parliament in 2017 shows that 99% of the 5.7 million businesses in the UK were SMEs. The UK alternative finance market is the largest in Europe, worth up to £6bn in 2017, which is an increase of 35% year-on-year.
The £1.6bn origination marker follows the hiring of Mark Ruddock as CEO of BFS Capital in November. Ruddock commented: “In 2018 we enhanced our sales and marketing programs and made significant advances in our underwriting models so that we could better serve small businesses. We’re incredibly proud to see these investments take root as the company continues to solidify its position as a central source for financing small businesses and their everyday capital needs.”
The company recently launched an update to their loan decision tool, enabling Boost Capital to automatically assess loan deals of up to £35,000, instead of just £25,000. This enhancement allows the company to more quickly provide vital funding to a greater number of businesses.
Commenting further, Littner said: “Without Boost Capital financing, those businesses would have struggled to survive, grow and realise their potential. Managing cashflow is one the biggest challenges SMEs face and we’re dedicated to helping them, so they can get on and grow their businesses.”