Over the last 12 months, small and medium-sized businesses in Wales benefited from almost £20 million in funding thanks to Bibby Financial Services.
Funding In Wales Up 40 per cent
This great news comes after the biggest ever quarter for asset based finance, with a record £18.9 billion of funding provided to business. Bibby Financial Services provided SMEs in Wales with £19.9 million in funding over the past year, increasing lending by more than a third (38 per cent) from £14.37 million last August.
Change in Finance
This is brilliant for asset based funding, but whilst funding such as invoice finance continue to be more accessible to businesses, it seems that the availability of more traditional forms of finance is diminishing. According to the Bank of England, lending through the Funding for Lending Scheme (FLS) continued to fall in the second quarter of the year, dropping a further £435 million.
Time to Review
So with this encouraging change in the dynamic of business funding, it seems more and more SMEs are finding that alternative forms of finance are not only readily available, but are often better suited to their businesses. So perhaps it’s time for SMEs to review their funding sources, and consider the variety of different options available to them, such as invoice finance.
For more information about Bibby Financial Services visit: www.bibbyfinancialservices.com or call 0800 91 95 92.
About the Author
Having worked in financial services for over 36 years, Andrew Darling is a specialist in invoice discounting, factoring and trade finance solutions. He currently manages the development of business with higher turnover companies at Bibby Financial Services, specialising in corporate finance for businesses with turnover of £5 million or more.