IGF announces £5m fund for SMEs following sensational Scotland launch
IGF, the leading commercial finance provider for SMEs, has completed £5m in asset-based financing to Scottish SMEs since its launch in July. The strong appetite of businesses in this region has led the company to allocate an additional £5m fund specifically intended to support management buyout (MBO) activity.
In the four months since opening its Scotland branch, IGF has provided facilities to 10 clients, ranging from a £100k invoice finance facility to a £2m asset-based lending facility, funding assets including stock and property. The businesses that have benefited from the support of IGF operate across sectors including recruitment, facilities management, procurement, engineering and construction.
Alan Anderson, director of Scotland, IGF, said:
“The opportunity for business expansion in Scotland is exceptional and the appetite for strategic growth amongst Scotland’s entrepreneurs is at the highest we’ve seen in recent years. In response to this, we have launched a £5m fund specifically to assist SMEs seeking a management buyout, be it for the funding of the deal itself, or to support cash flow under new ownership.”
The fund is available now and is in addition to any invoice discounting financing lines. The target is to have the initial amount deployed before April 2017.
“There are small businesses all across Scotland looking for finance, many of which have untapped wealth in the assets of their companies. This fund, as well as our other ABL funding options, can provide businesses with a financing solution that mainstream lenders cannot offer.”