Bibby Financial Services (BFS), a provider of invoice financing and factoring, boosted funding for small and medium-sized enterprises in Scotland in 2022 as part of its national growth plan.
Debts factored – the total funded turnover of BFS clients in Scotland – grew by 12% to £382m when compared with 2021 with funding advanced growing by 4%.
BFS’s recent SME Confidence Tracker survey, undertaken in February, found almost two-fifths of Scottish businesses (39%) don’t have the cash flow they need to operate effectively or grow.
Head of sales for Bibby Financial Services, Scotland, Mike Day said: “With challenges such as inflation, supply chain disruption and the rising cost of borrowing continuing to hamper the growth of SMEs, we’re committed to doing what we can to help Scottish businesses survive, thrive and grow.”
BFS has nearly 8,500 SME clients globally through its invoice finance and asset finance solutions. In addition, its product range includes Foreign Exchange, Export and Trade Finance, as well as specialist finance for the construction sector.
In October 2022, BFS announced its securitisation bringing its total funding capacity for SMEs to more than £1.2bn.
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