Leading SME funder, Bibby Financial Services (BFS), has increased its funding to Birmingham businesses by 22% as it looks to increase its support for SMEs in the city and throughout the West Midlands.
From February 2015 to February 2016, the specialist financier increased funding advanced to businesses in Birmingham from £13.9m to £16.9m.
Head of Sales for BFS in Birmingham, Jim Davis, commented: “SMEs in Birmingham tell us their outlook is buoyant, they are eager to invest in their people and are looking for funding to allow them to grow.
“The region has been a major beneficiary of the South East exodus, as many big businesses re-locate from London. While new tech businesses are springing up, manufacturing is also a regional success, particularly with automobile sales higher now than at any time since 2008.
“Our West Midlands Business Centre has benefitted from the region’s upward trajectory: as Birmingham reports healthy export levels, BFS is supporting SMEs with exporting to and importing from the Far East and Europe.”
BFS - the UK’s largest independent invoice finance provider - opened its West Midlands Business Centre in Birmingham’s Colmore Business District in October 2014.
In late 2015, the funder announced that it is to commit upwards of £770m in funding to UK SMEs, following a successful refinancing deal. It has seen strong growth in its specialist products, including Export and Trade Finance, and Construction Finance.