IGF, the leading commercial finance provider for SMEs, has reported a 180% increase in funds out year-on-year in the first half of 2017, with a total of £53 million invested in businesses across the UK.
The sales volume within IGF’s clients was 87% higher in H1 2017 than in the same period last year, and the average funds in use per client has increased by 120%.
The increases come from sales growth and acquisition of new clients. A total of 49 new businesses were funded with invoice finance and asset-based lending over this period across several regions and sectors, including:
- 12 businesses funded in the South East totalling £8.95m, with a further £2.18m funded in London
- Seven businesses funded across the maintenance industry, with funding lines totalling £6.4m
- £5.8m financing secured for businesses in Scotland
- Six funding lines completed for businesses across The Midlands, totalling £5.9m
- £5.95m delivered to businesses across the North West and Yorkshire
- £2.9m financing secured for businesses in the FMCG sector
- Three businesses financed in Wales and the South West, totalling £2.15m.
This period has seen the IGF team grow too, with several new hires in the Tonbridge head office and operations centre as well as three more added to the national sales force. The business has plans to strengthen the team further over coming months.
Mark Lindsay, managing director Independent Growth Finance, said: “The start of the 2017 financial year has undoubtedly been a success for IGF, and is a pattern we want to continue as we move into the second half of the year. The growth has come across the whole business with our ABL capabilities contributing significantly to these results. Approaching 2018, we are keen to continue hitting our ambitious targets to provide larger facilities to more clients. We will continue to hire top-quality people to help us build a strong business.”