SME funding partner, Ultimate Finance, has reached a new lending milestone, with almost GBP200 million available to small and medium-sized businesses across the UK.
The figures from the first half of 2018 show a 42.3 per cent increase in cash to customers for the alternative finance specialist, which has recorded growth of 150 per cent since it was acquired by independent investment firm Tavistock Group, in July 2015.
Ultimate Finance has seen particularly strong developments across a number of its specialist products with Bridging Finance increasing by 260 per cent, and now sitting at almost GBP30 million of funds in use. Asset Finance meanwhile has increased 61 per cent, surpassing the GBP40 million mark for the first time, and Invoice Finance has increased 27.5 per cent;
The company also reported growth in its client base, with a 26 per cent overall increase since the start of the year. The number of Bridging Finance clients receiving funds from Ultimate Finance increased by 86 per cent, while its Asset Finance client numbers grew by 42 per cent.
Ron Robson, CEO at Ultimate Finance, says: “We have a very simple mantra at Ultimate Finance; businesses need cash in a fast, flexible and fair way. In a market that is often made overly complex with unnecessary jargon and confusing fee structures, our continued growth is testament to our uncomplicated approach to supporting SMEs.
“As a company we are focussed on making the customer journey as easy as it can be, by investing in customer service and technology to provide more access to cash than ever before to thriving businesses across the country. As we enter the next phase of our own journey, we look forward to a strong second half of the year.”
The growth news comes at the same time as the company announces it has brought NatWest into its back-to-back syndicated invoice finance facility, alongside renewed commitments from Lloyds Bank and British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank. This provides an additional GBP40 million in funding taking the total facility to GBP125 million, which complements Tavistock’s investment of over GBP100 million to date.
