Funding boost for Liverpool SMEs

SME financier Bibby Financial Services has increased its funding to Liverpool businesses by 172% as it looks to bolster its funding in the city.

BFS is the largest independent invoice finance provider in the UK. From December 2014 to December 2015, the specialist funder increased funding to businesses in Liverpool from £3.6m to £9.8m.

Head of sales for BFS in Liverpool Mike Calvert said: “SMEs in Liverpool tell us that they’re looking for funding to grow and many of them are now looking beyond traditional lending channels. I’m delighted that we have been able to increase our support to SMEs across the city and look forward to helping more businesses in 2016.”

One business that BFS has supported this year in the Liverpool area is Turtle Wax, a global car-care product manufacturer.

Founded in Chicago, Turtle Wax moved its EMEA headquarters to Bootle, Liverpool in 2014.

Earlier this year, Turtle Wax secured £6m in funding from BFS to support the company’s growth aspirations in the EMEA region.

Calvert continued: “In addition to an increase in our invoice finance offerings, in 2015 we saw significant growth in our specialist products, including Export and Trade Finance and Construction Finance.”

In November, the funder, part of the Liverpool-based Bibby Line Group, announced that it is to commit upwards of £770m in funding to UK SMEs, following a successful refinancing deal.

Calvert added: “We are committing funds of over £770m to UK PLC. This is fantastic news for all SMEs, including those in Liverpool.”