The funding is being provided as a three year syndicated back-to-back facility with Lloyds Bank, increasing the total facilities for Ultimate Finance’s invoice finance business to £75m.
Jeremy Coombes , chief executive of Ultimate Finance Group, said: “The British Business Banks’s route to market is through established or newly emerging finance market providers.
“We are therefore delighted to have been selected to work with them to help fuel growth in the economy through responsible lending to SMEs, at a time when the traditional high street banks are constrained.
“Their programme very much mirrors our own, which is to bring benefits to smaller businesses that are start-ups, high growth, or simply viable but underfunded.”
This latest news coincides with the announcement of Ultimate’s preliminary results for the year ended 31 December 2014, which showed that the loan book increased by 60.8% while the number of clients is up by 36.3%.
The results also included the appointment of Nick Smith as group sales director and revealed increased marketing investment and the tripling of the sales force to support existing products.
You can visit Ultimate Finance on stand D18 at the National Association of Commercial Finance Brokers annual commercial finance expo in June.
