Ultimate Finance hits record lending to SMEs

By John Reynolds on Tuesday 14 January 2020

Alternative Lending

The Bristol-based finance said it lent a record £1.6bn to small and medium-sized firms last year.

Ultimate Finance hits record lending to SMEs
Image source: Image provided by Ultimate Finance

Small business financier Ultimate Finance said it lent a record £1.6bn to small and medium-sized firms last year, breaking its record from the previous year.

The Bristol-based business upped its annual lending to SMEs from 2018 by 14 percent, it said.

Ultimate Finance said its loan book for 2019 was £265m.

It attributed the increase to developing its asset-based lending portfolio and strengthening ties with introducers in the UK.

Highlights of year, said Ultimate Finance, include the average size of its deals more than doubling with facilities of up to £5m.

Ultimate Finance, founded in 2001, is part of the Tavistock investment group, founded by British-Bahamas-based billionaire Joe Lewis.

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.”

 

 

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