The UK’s largest independent invoice finance provider, Bibby Financial Services (BFS), has increased funding for small businesses across Yorkshire and Humberside by 14 per cent over the past 12 months.
In 2016 BFS’s funding teams structured 344 funding deals, increasing the number of funds provided to SMEs from £39.4m in 2015 to £44.9m in 2016.
Mike Day, regional sales director, Yorkshire and Humberside, said: “As the UK’s largest independent funder we are delighted to support small businesses across the Yorkshire and the Humber region. Our team of experts is dedicated to helping firms develop and grow.
“We are very happy with the amount we have funded in 2016. We’re hoping to support even more local businesses across Yorkshire and Humberside in 2017.”
This announcement coincides with the news that the Yorkshire and Humber region will be receiving a £156m grant from the Government’s Northern Powerhouse funding package.
Mike added: “There is certainly a buzz around the region since Hull was named the City of Culture for 2017 – and £2.5m of funding will go towards regenerating the city centre of Hull for this. As well as investment as part of the Northern Powerhouse, the region has also received increasing levels of foreign investment, creating plentiful opportunities for local businesses to thrive. ”
BFS’s Q4 SME Confidence Tracker recently found that SMEs across Yorkshire and the Humber are in a robust position, with one third (33 per cent) expecting sales to increase in Q1 2017.
Firms are also showing signs of putting their funding to use as over half (56 per cent) of firms stated that they are intending to invest an average of £64,138 in their businesses during the first quarter of the year.