Ultimate Finance announces partnership to help benefit NACFB members
As one of the sponsors at this year’s NACFB Commercial Finance Expo 2015, we are delighted to announce that Ultimate Finance is now a partner with the British Business Bank, the commercial arm of the Government’s economic development bank.
Through the partnership, Ultimate Finance has secured an additional £25m debt facility which means we are in an even better position to support NACFB members, as we can now to lend considerably more to SMEs.
The funding is being provided as a three year syndicated back-to-back facility with Lloyds Bank, increasing the total facilities for Ultimate Finance’s invoice finance business to £75m.
Speaking about the partnership, Jeremy Coombes, chief executive officer of Ultimate Finance Group, said: “The British Business Banks’s route to market is through established or newly emerging finance market providers. We are therefore delighted to have been selected to work with them to help fuel growth in the economy through responsible lending to SMEs, at a time when the traditional high street banks are constrained.
“Their programme very much mirrors our own, which is to bring benefits to smaller businesses that are start-ups, high growth, or simply viable but underfunded.”
This latest news coincides with the announcement of the results for the year ended 31 December 2014, which showed that our loan book increased by a staggering 60.8% to £66.9m, revenue increased by an impressive 21.8% to £16.2m and client volumes grew by 36.3%.
Business highlights within the results include the appointment of key management personnel, including Nick Smith as group sales director, increased marketing investment and the tripling of the sales force to support existing products.
We are delighted to be sponsoring this year’s Commercial Finance Expo and you can visit Ultimate Finance on the 17th June at stand D18.