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Bibby Financial Services has a record month as SMEs turn away from banks

We’re pleased to announce that July 2014 was the best month at Bibby Financial Services since way back in 1985. We’ve seen a significant jump in lending all through last month as businesses looked to invest. In total we made £40m available to new business customers last month.

Our success has already been picked up by the business news media as figures revealed we made 114 funding agreements in total to businesses of all sizes, and in a wide variety of sectors. Recent Government calls for banks to refer businesses to alternative sources of funding have led many business owners to look into the benefits of other forms of finance.

Increasing competition for funding

More competition for business funding is good news for business owners. In the past many SME owners looked to banks as the only source of funding, now the tide is changing and those in need of cashflow help can see that other sources of funding are available.

Many business owners see alternative forms of lending such as invoice finance as the first choice form of funding; the flexibility of invoice financing is seen as a great value and benefit.

Small Business, Enterprise and Employment Bill

The Government’s Small Business, Enterprise and Employment Bill was announced as part of the Queen’s Speech in June. This has helped to build awareness of the services provided by funders like Bibby Financial Services. We’ve blogged before about why bank referrals to alternative funding is a positive step.

Our news comes on the back of a recent study by Bibby Financial Services which looked at 1,000 businesses with a turnover of up to £25m. The study found that over half of businesses expected to invest in the months leading up to October.

Areas that businesses expected to invest in included recruitment, training and technology. Investment in expansion can only be positive for the UK economy as a whole and here at Bibby Financial Services we’re pleased to offer funding to more and more businesses.

Contact Bibby Financial Services

If you’re a business owner looking for funding for expansion you can call us on 0800 91 95 92 to speak to a representative, or request a call-back online.

We’d encourage all business owners to keep in touch with The Bibby blog for more news and updates from the UK’s leading independent invoice finance specialist.

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