Through the partnership, Ultimate Finance has secured an additional £25 million debt facility which will help support NACFB members, who can now lend considerably more to SMEs.
The funding is being provided as a three year syndicated back-to-back facility with Lloyds Bank, increasing the total facilities for Ultimate Finance’s invoice finance business to £75 million.
Chief Executive Officer of Ultimate Finance Group, Jeremy Coombes, said,
“The British Business Banks’s route to market is through established or newly emerging finance market providers. We are therefore delighted to have been selected to work with them to help fuel growth in the economy through responsible lending to SMEs, at a time when the traditional high street banks are constrained.
“Their programme very much mirrors our own, which is to bring benefits to smaller businesses that are start-ups, high growth, or simply viable but underfunded.”
This latest news coincides with the announcement of the results for the year ended 31 December 2014, which showed that NACFB's loan book increased by 60.8% to £66.9m, revenue increased by 21.8% to £16.2m and client volumes grew by 36.3%.
