"Our continued growth mirrors a trend of businesses becoming simultaneously more comfortable with alternative finance providers and moving away from traditional banks. "
Ultimate Finance has announced record lending of over £1.6bn to SMEs in 2019.
Its figures show that the firm finished the year with a record high loan book of £265m.
In 2019, Ultimate Finance more than doubled the average size of invoice finance deals with facilities of up to £5m. It also announced that asset finance hit a new annual high, with the loan book exceeding £55m, while its bridging finance loan book grew close to £40m, a year-on-year rise of 23.5%.
Josh Levy, CEO at Ultimate Finance, said: “Ultimate Finance has prospered in 2019 against the backdrop of an unsettled year for many UK businesses. 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. In this context, I’m proud to announce another record-breaking year of lending for Ultimate Finance with over 1,000 new businesses supported by our funding solutions.
“Our flexible, solution-driven approach to funding and excellent customer service increasingly make us the funder of choice for businesses wanting to invest and thrive. To that end we were pleased to be a founding signatory of the SME Finance Charter to demonstrate our unwavering commitment to facilitating growth for ambitious businesses in all market conditions.
“Our continued growth mirrors a trend of businesses becoming simultaneously more comfortable with alternative finance providers and moving away from traditional banks. This trend, along with the investment in developing our introducer relationships, present us with a big opportunity for 2020 to continue supporting more businesses around the UK.”