Independent Growth Finance (IGF) has agreed a wholesale funding line of undisclosed size, syndicated by a group of high-profile commercial lenders and the British Business Bank (BBB).
A senior finance facility has been provided to the asset-based lender by RBS, HSBC and ABN Amro Commercial Finance, along with the BBB’s British Business Investments division.
The funding is aimed at providing working capital finance to SMEs, and comes after IGF reported loan book growth of 70% for the year to September.
The funder said it closed seven ABL deals in September, which it called a “record month”.
John Onslow, IGF chief executive, said: “This is an exciting time for IGF. The additional senior lending facility will support the unprecedented growth of the business. The funding enables IGF to continue financing the growth ambitions of UK SMEs. For many businesses, asset based lending can be the key to unlocking rapid growth without losing control of their business.
“This latest funding further strengthens and sustains IGF’s proven market position as an independent and entrepreneurial asset-based lender. In the coming months and years, we will continue to welcome new talent into IGF to help drive our asset based lending solution in the UK.”
Chairman Matt Cooper added: “IGF is going from strength to strength. We are delighted to have continued support from third parties. This latest funding is a testament to the achievements of IGF to date and the positive future outlook for the business. We look forward to continuing to grow as we help our clients grow.”
IGF’s recent deals include a £3.4m (€3.8) ABL facility to Axminster Carpets, which supplies its products to pub chain Wetherspoon among other customers.
The funder has been on a recruitment drive which saw it hire talent from Santander, and has picked a new office in Redhill, Surrey, as it looks to further scaling-up.