The UK’s largest independent invoice financier, Bibby Financial Services (BFS), has joined alternativebusinessfunding.co.uk (ABF) – a service for SMEs searching for finance.
In addition to matching SMEs with suitable funders, ABF - which was launched in 2014 - facilitates referrals for businesses declined for finance to other providers, ensuring they can access the funding they require. To date, ABF has received over 30,000 visits, and with almost 16,000 clicks through to a funder, several thousand SMEs have successfully found funding through the portal.
David Postings, Chief Executive for BFS said: “Anything that improves access to finance for SMEs is positive, but it is also important that businesses can find the right kind of funding.
“People often refer to new forms of funding when talking of alternative finance, however, the UK has had a healthy alternative to traditional lending for a number of years in the form of asset based finance.
“alternativebusinessfunding.co.uk is a fantastic resource for businesses and a great way to showcase a broad spectrum of funding types. We’re pleased to be involved in such a positive development for SMEs.”
A bank referral scheme was introduced as part of the Government’s Small Business, Enterprise and Employment Act, which received Royal Assent in April 2015.
ABF founder, Adam Tavener, is now aiming for the site to be designated as one of the Government’s preferred finance platforms which will be managed through the British Business Bank.
Adam Tavener said: “There has been a significant step-change in attitudes towards funding and many businesses are now turning to alternative forms of finance, such as asset based finance, before speaking with their banks.
“We’re delighted to welcome a funder with the heritage and scale of Bibby Financial Services and I’m confident that SMEs using our service will benefit from this addition.”
Part of the 208 year-old, Bibby Line Group, BFS has over 7,000 SME customers in the UK. In November the funder pledged over £770m in funding for SMEs following a refinancing agreement.
David Postings, Chief Executive for BFS added: “First and foremost, we are a relationship business and alternativebusiness.co.uk provides us with a fantastic platform to build new relationships and to increase our funding support to SMEs throughout the country.”