A Bristol-based financial services company has reported a record-breaking year during which it provided funding of around 拢2bn to SMEs.
Ultimate Finance, a specialist asset-based lender headquartered in Bradley Stoke, said it had seen strong growth in its loan book during 2021 to a record high of 拢280m - up 拢40m from 2020 - as businesses felt the economic impact of the pandemic and national lockdowns.
Figures released by the company, which is set to mark its 20th year of trading, showed it had delivered its highest ever total funding advances to clients of 拢1.9bn.
During 2021 it provided new funding of 拢125m through over 1,300 new facilities, including a record annual performance for new business in asset finance of 拢46m.
The firm added that it had seen strong client performance across its working capital products, with record levels of invoicing, high client retention and a loan book recovery back to pre-pandemic levels.
Ultimate Finance said last year鈥檚 performance, along with 拢220m of recently announced wholesale funding facilities, had put it in a strong position to support SMEs with their growth plans in 2022.
Josh Levy, chief executive of Ultimate Finance, hailed what he called a 鈥渢ransformational鈥 year for the business.
Mr Levy said: 鈥淥ur achievements in 2021 have been the output of significant hard work from everyone at Ultimate Finance. This year marks our 20th birthday with over 拢10bn of funding delivered for SMEs in this time.
鈥淗aving secured 拢220m of new wholesale funding facilities in recent months, we have the firepower, appetite and desire to support even more SMEs with the asset-based lending solutions they need to navigate the many challenges and opportunities that lie ahead.鈥
Ultimate Finance, which is backed by the international private investment company Tavistock Group, currently supports around 3,000 SMEs.
In addition to its Bristol base, it also has offices in Manchester, Leeds, Lutterworth and Edinburgh.
Like this story? Why not sign up to get the latest South West business news straight to your inbox
