Advantedge Commercial Finance, a provider of invoice finance facilities to SMEs, has provided over £100m of funding to UK businesses, the company said in a statement.
The firm achieved the milestone in July and has continued its growth with funding levels now at £110m, it said in a press release.
The achievement comes on the back of what has been a challenging 18 months for businesses as they sought to navigate the impact of the pandemic.
In the first six months of 2021, Advantedge said it posted a 28 per cent increase in the number of new client facilities over the same period in 2020 and a 2 per cent increase on 2019 levels.
With confidence increasing amongst UK businesses, Advantedge is continuing to see a high level of demand for invoice finance facilities and is forecasting year-end growth of 6 per cent in new client facilities over 2019 levels putting them ahead of where they were pre-pandemic.
Advantedge was recently acquired by US-based eCapital Corp, a leading North American provider of speciality lending solutions.
As David Tilling, CEO of Advantedge, said: “Despite the Government support measures, we’ve seen a continuing upward trend in business since the end of Q2 2020 demonstrating the resilience of UK Business as they have fought to keep their businesses trading.
“We need to encourage SMEs to invest in their growth as they recover from the last 18 months. Ensuring that they can access fast, flexible, and easy funding solutions will increase their confidence in an uncertain economy. Advantedge is committed to supporting these businesses and are looking forward to continuing to make a difference to UK businesses.”
Advantedge Commercial Finance has funding facilities available up to £2 million.