Factoring rises

Bibby enjoys a surge in funding for Scots SMEs

Mike Day: incredible year

Britain’s biggest independent invoice finance provider, Bibby Financial Services, last year saw a significant rise in funding for Scotland’s small and medium sized enterprises.

Debts factored – the total funded turnover of BFS clients in Scotland – grew by 12% to £382m over 2021 with funding advanced growing by 4%.

Mike Day, head of sales for BFS Scotland said: “Our team in Scotland had an incredible year in 2022 and we’re already off to a flying start in terms of new business enquiries.

“We’re in growth mode and ready to support Scottish SMEs and their advisors with working capital and cashflow solutions. We’re now actively recruiting for sales roles to grow our funding further.”

BFS’s recent SME Confidence Tracker survey, undertaken in February, found almost two-fifths of Scottish businesses (39%) do not have the cashflow they need to operate effectively or to grow. 

Mr Day said: “With challenges such as inflation, supply chain disruption and the rising cost of borrowing continuing to hamper the growth of SMEs, we’re committed to doing what we can to help Scottish businesses survive, thrive and grow.”

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