SME funding provider, Ultimate Finance, has announced another record-breaking year, providing funds of more than £1.4bn to SMEs across the UK last year. The figures from December 2018 show a 35% growth of funds in use and a 14% increase in the size of the business’ client base.
This growth is thanks to another year of strong development across many of Ultimate Finance’s specialist products, including Bridging Finance loans now stand at £31m, a year-on-year increase of 115%. Asset Finance has grown by 37%, with a loan book of £46m as of December 2018. Invoice Finance has enjoyed 24% growth over the last 12 months, with funds in use of £117m.
Ron Robson, CEO at Ultimate Finance, said: “At Ultimate Finance, we pride ourselves on being an ally to SMEs throughout the UK, offering the flexible financial support they need to survive and thrive regardless of what’s thrown at them.
“This is why I’m so proud to see such significant growth yet again, not only in the number of businesses we’re supporting, but the amount of good funding we’re providing to enable business owners to kick-start further growth. This will also help to remove many of the pressures they face day-to-day.
“With the new year well underway, we’re looking ahead to the next 12 months and despite the ongoing uncertainty surrounding Brexit we remain committed to delivering another year of strong support in 2019 while continuously improving our customer service levels at every turn.”
To further support SME growth in 2019, Ultimate Finance is pleased to announce a new £60m Asset Finance facility with HSBC, following the news that the business last year secured a deal to bring RBS into its invoice finance back-to-back facility, resulting in an additional £40m in funding. This, alongside partnerships with YENA and NMBS announced in the past few months provide more avenues through which the company can back its growing client base.