eCapital hit funding milestone as they step up support for SMEs
eCapital Commercial Finance (eCapital), a leading invoice financier, have started the new year on a high having hit a key funding milestone. The firm are celebrating delivering over £160m of funding support to UK SMEs. The achievement comes on the back of a period of continued growth for eCapital as firms seek out financial solutions to help them tackle the ongoing challenging environment.
The UK economy experienced a 0.3% drop over the last economic quarter as the fuel crisis, record high inflation and labour and supply shortages continue to hinder the progress of businesses fighting hard to continue their recovery from what has been a challenging few years. eCapital, having remained committed to delivering funding solutions to businesses throughout, has seen a 26% uplift in the amount of finance provided to UK SMEs in the last year alone.
An impressive growth statistic which reflects the growing demand for finance for SMEs. The invoice finance market has seen funding levels to SMEs return to pre pandemic levels with the number of firms using this popular form of finance now standing at the highest levels since Q1 2021 supporting a rise in total client turnover of 11% to £75bn.
As David Tilling, CEO of eCapital says: “It’s another milestone and we are proud that it is the result of remaining committed to our clients and working with them to help their businesses prosper. The team are fantastic, they are so passionate about being there to support our clients. We work hard to truly understand our clients and their customers, and we all go the extra mile to ensure we do what we can to provide the availability of funding required to support our clients’ as they deal with the challenges and demands of doing business.”.
As economic conditions continue to be challenging and talks of a recession clouding the horizon a recent business monitor revealed that 60% of businesses felt cautious as a result of market uncertainty with 31% viewing the current economic environment as a major obstacle. A further, 13% of firms state that they are concerned about late payment and cashflow challenges for next 12 months which is back to pre-pandemic levels suggesting that reserves built up throughout the pandemic are being depleted.
eCapital are committed to delivering a locally based operation which understand local businesses and their markets. They offer a full range of invoice finance facilities to small and medium sized businesses delivering fast and flexible finance solutions up to £2.5m to clients on their own terms so they can capitalise on opportunities as they arise. With strengthened support, robust funding lines and a marked investment in the business they are excited about what the next few years will bring as they continue to deliver on their plan to become the leading independent invoice finance provider of choice in the UK.
As David concludes: “UK Businesses need to know that in the current economic and political climes they have unfailing support from their funders. Ensuring that they can access fast, flexible, and easy funding solutions will increase their confidence in an uncertain economy. eCapital are totally committed to doing what we can to support our clients as they navigate through 2023 and we are looking forward to continuing to make a difference to businesses on that journey”.