Lender provides record £1.6bn to UK SMEs

Lender provides record £1.6bn to UK SMEs
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Ultimate Finance broke its own annual lending record by providing funds of more than £1.6 billion to SMEs across the UK in 2019.

Newly released figures show that the specialist asset-based lender – which has an office in Leeds – finished the year with a record high loan book of £265 million.

Further growth in the size of the company’s client base means it ended the year supporting more companies than ever.

For the year, the average size of invoice finance deals more than doubled, with facilities of up to £5 million.

“Ultimate Finance has prospered in 2019 against the backdrop of an unsettled year for many UK businesses,” said CEO Josh Levy.

“Uncertainty surrounding Brexit and the general election were contributing factors to business investment falling in five of the last six quarters, however it is encouraging to see business confidence returning.”