A Bristol-based financial services company has said it has provided more than £1bn to SMEs in the first half of this year.
Ultimate Finance, a specialist asset-based lender headquartered in Bradley Stoke, said it had built on its previous, record-breaking year during which it delivered its highest ever total funding advances to clients of £1.9bn.
Figures newly released by the company, which is marking its 20th year of trading, showed it had supported firms’ growth and investment plans with more than 750 funding facilities.
New business in working capital was up 58% on the second half of 2021 with loan book growth of 22%. The firm added there had been 27% growth for its asset finance products with a record-high loan book of more than £80m.
Bridging finance new business levels increased by 14% on the second half of 2021 on the back of “product enhancements”.
Ultimate Finance said it had recruited five new regional directors in order to “expand its reach” and support a growing broker network and its clients. Chief executive Josh Levy said the current “difficult economic climate” meant it was “more important than ever” that businesses had access to liquidity.
Mr Levy said: “This first half of the year has seen us provide funding to an increasing number of businesses whilst supporting our existing clients with the additional cashflow they need to achieve their ambitions and is testament to the strong personal relationships we build with them as their funding partner of choice.
“We will work tirelessly alongside our introducer partners to use our combination of funding and personal service to keep business moving in the next six months and beyond.”
READ NEXT:
- Amazon-backed banking platform Pismo appoints former Just Eat director in Bristol
- Bristol rental growth tops UK regions as property market booms
- Law firm Bevan Brittan records record revenue of more than £60m
- Bristol 'experiences' company Yuup launches in Birmingham
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
