Finance group announces £25m partnership with British Business Bank

INVOICE finance firm the Ultimate Finance Group has secured an additional £25m debt facility to enable it to lend even more to SME’s.

New partner the British Business Bank, is headquartered in Sheffield and works in conjunction with private sector partners to provide better access to funding for smaller businesses through different providers and products.

The funding is being provided as a three year syndicated facility with Lloyds Bank, increasting the overall facilities for the firm’s invoice finance business to £75m.

Chief executive officer of Ultimate Finance Group, Jeremy Coombes, 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 new starts, high growth, or simply viable but underfunded.”

Bristol-headquartered Ultimate Finance Group was established 12 years ago and recently made a move to Leeds, with group sales director Nick Smith calling the region “hugely important” and one in which the firm wishes to expand aggressively.

The firm also has offices in Cardiff, London, Manchester, Leeds, Norwich and Lutterworth.