Following the release of Bibby Financial Services’ first quarter Business Factors Index – which highlighted UK SMEs strongest Q1 performance since 2008 and growing business optimism in Scotland – I thought it would be a good time to discuss the increase in lending to Scottish businesses.
As part of the Index’s regional overview, in addition to looking at the value of invoices raised by Bibby Financial Services clients, we conducted a separate in-depth study of 1,000 SMEs. At the top of the SME Tracker results, Scotland led the way in relation to business confidence, with 75% of businesses expecting sales growth in Q2 – way ahead of the next most positive region in the UK, East Anglia (69%).
It seems Scottish SMEs aren’t currently worried about the up-coming referendum on Independence, with their optimism for future sales growth considerably higher than past results.
We’re now looking to expand our funding support for small and medium-sized enterprises in Scotland, which is great news for the wealth of ambitious businesses in Glasgow, Edinburgh and Aberdeen. In fact, from April 2013 to April 2014, we increased our SME funding from £18.3milion to £25.6million – a rise of 40 per cent.
This is a great achievement for the Bibby Financial Services Scotland team and for me – hailing from Edinburgh – I’m proud that as a business, we recognise the innovation and growth potential of businesses in Scotland.
If you are a small or medium sized business owner and interested in finding out more about invoice finance, then visit Bibby Financial Services.
You can also read the BBC’s coverage of our funding boost in Scotland: ‘Funder Bibby Financial Services raises business lending’.