SME funding partner, Ultimate Finance have announced a record-breaking year of lending, with a 47% increase in cash lent to UK businesses.
This follows the company’s investment in its national footprint, digital offering and its strong core product range.
Increased growth has been especially strong across its Invoice Finance (up 42%), Asset Finance (72%) and Trade Finance (44%).
The lender also launched two new products to market, the ‘Cash Advance’ – the ‘fastest loan on the market’ – and ‘Purchase Finance’, a unique product which enables businesses to fund the purchase of goods including perishables and raw materials.
Ultimate Finance also enjoyed growth in its client base, with a year-on-year increase of 32%. In particular, ‘Ultimate Loan’ clients increased by 78%, with ‘Trade Finance’ customers up by 56%.
The company expanded its national footprint, relocating to a bigger Bristol office to accommodate an increase in headcount, and opening another branch in Maidstone to support businesses in the South East.
Ron Robson, CEO at Ultimate Finance, commented: “The reason behind the investment is simple. Our team talk to small business owners on a daily basis and hear all about the problems they’re faced with.
“It’s been a difficult year due to political uncertainty following Brexit negotiations, which has caused market unease. Despite this, the number of active businesses in the UK has continued to grow and finding ways to better support them and meet their needs with new and unique products was extremely important to us.
“I think the consequential increase in lending demonstrates the team’s unwavering commitment to the small business community. The success we’ve achieved in the past 12 months is down to the exceptional hard-work and as we look to 2018, championing small businesses will remain a top priority and we hope to continue making waves in the market.”