Bibby Financial Services boosts SME funding in Manchester by a quarter
Leading SME funding partner, Bibby Financial Services (BFS), has boosted its funding to Manchester businesses by 26%, as it looks to support a renewed confidence among North West businesses.
From February 2015 to February 2016, the specialist financier increased funding advanced to businesses in Manchester from £18.2m to £23.1m.
Dan Burton, regional head of corporate for BFS in Manchester, said:
“The businesses we’re speaking with in Manchester are more confident than they were in in the latter half of 2015 and many are now seeking funding to grow their businesses this year.
“In our experience, start-ups, manufacturing and engineering businesses are all seeing strong growth. Investment desires are coupled with a growing awareness of alternative forms of finance and demand for our invoice finance facilities is increasing.”
Findings from the BFS SME Confidence Tracker* indicate that over two in five SMEs based in the North West saw growth in Quarter 4 2015, while around three-quarters invested in their business. SMEs in the North West are prioritising investment in people (both existing and new staff) in Quarter 1, as well as new products and IT software.
Dan continued:
“Although the spectre of Brexit may be tempering desires and the introduction of the National Living Wage on 1 April has increased cashflow pressure on smaller businesses, our findings from the first three months of the year show a more bullish outlook among SMEs.
“Despite competition from the new kids on the block, such as transactional online lenders, we are increasing our funding to SMEs. First and foremost, we’re a relationship-based funding partner and it’s this approach that our clients tell us they value.”
In 2015, the funder announced that it has committed upwards of £770m in funding to UK SMEs, following a successful refinancing deal. It has seen strong growth in its specialist products, including export and trade finance, and construction finance over the past year.
