I’m pleased to announce that July 2014 was the best month for Bibby Financial Services since 1985. We made 114 funding agreements, providing available funds of over £40m to new business customers throughout the month.
In addition to the hard-work and commitment of my teams, I believe these results highlight more and more businesses moving away from traditional bank-lending and this could be down to a growing awareness of alternative forms of finance following the announcement of the Government’s Small Business, Enterprise and Employment Bill.
Step-change in attitude
There has been an important step-change in attitudes towards non-bank lending over recent months. The tides are turning as businesses are seeing the value and benefit of other forms of finance, such as invoice finance. Our news made the business media online and I’m pleased that we have been able to publicise such a positive message, not only for us, but also for the businesses we fund.
Across the board, we have seen a huge increase in funding to businesses of all sizes, across a broad spectrum of industry sectors. Our corporate team, which deal with larger businesses, construction finance team and trade business – which provides import finance – all had record months for new funding. This is a fantastic achievement for us, but it also provides a significant boost to UK PLC.
Investing in the future
It’s clear that UK SMEs are investing for the future, which is extremely positive, so it’s vital that they have funding in place to facilitate these growth aspirations. The Government’s efforts to expand business lending beyond banks have been well documented in the media, and this has built awareness of the services provided by funders like Bibby Financial Services.
I’ve blogged before about raising awareness of alternative forms of finance but I believe that the days when banks would be the first and only port of call for businesses looking for finance are now behind us.
It’s my view that this awareness will only increase over time and we’re now half way through a multi-year investment in technology, which will enable businesses to access funding in real-time online, enhancing the service we provide to our customers.
Here’s to another positive month ahead.
UK CEO, Bibby Financial Services
About David Postings
David Postings is the UK Chief Executive Officer for Bibby Financial Services following his appointment in April 2012. David is an experienced senior executive with over 35 years’ experience in financial services. David has extensive knowledge of the commercial finance landscape.
You can read more about David Postings and his position at Bibby Financial Services in the About Me Section.