SME funding increases by 77% in South West year-on-year
Award-winning SME funder 365 finance has reported a 77% year-on-year increase in SME funding in the South West of England.
Over the last three years, businesses successfully applying for funding has increased by 206% in the region. In addition, according to the latest data direct from the revenue-based finance provider, SMEs in the South West are on average obtaining 20% more in funding.
Hospitality businesses dominate the top five sectors in the South West region opting for fast and flexible business finance, over the last 12 months. Food retailers and non-food retail outlets follow closely, with the top five rounded off by MOT garages:
- Pubs and bars
- Restaurants
- Food retailers and convenience stores
- Non-food retailers
- MOT garages
In order to expand within a high-demand region, 365 finance has now opened a new branch in Bristol – with a team of five staff – serving SMEs in the South West, supporting their continued growth. The lender’s head office remains located in Camden, London.
Warren Abbey, 365 finance CEO, said, “We support SMEs across the whole of the UK, and traditionally have done so from our well-established London office. However, with rising demand in the South West for our Rev&U™ revenue-based finance, it has made sense for us to open our new secondary office in Bristol, which is yet another exciting development for us as a business this year.”
Chris Thorne, 365 finance strategic partnerships director, is heading up the team in Bristol which has officially begun operating locally this month, and commented, “Bristol has developed into a bit of a fintech hub in recent years, which is another reason why having more of a presence here works well strategically for 365 finance. Our expectations of the Bristol team include productivity doubling, as well as faster funding in the coming months.”
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