A boost for UK SMEs today with the news that Bibby Financial Services has agreed a funding line of €150m with HSBC, designed to help finance growth at smaller businesses across Europe.
Bibby, which specializes in a range of commercial finance products, with invoice factoring as its main offering, now has around €1.1bn available to lend to small companies across the continent.
Steve Box, International CEO at BFS, said: “Our new funding agreement signals our commitment to SMEs and will enable businesses throughout Europe to invest, recruit and grow with confidence. Our aim is to continuously grow our funding support for businesses, working closely with our banking partners to fuel economic growth throughout Europe.”
‘Plans not affected by Brexit’
And Box confirmed that the UK’s decision to quit the EU would not affect the company’s plans to finance UK SMEs as well as those on the continent. “The UK’s vote to leave the EU will not impact our commitment to supporting our clients’ businesses. It is very much business as usual for us and we will continue to support SMEs, wherever they are, through our relationship-based approach and specialist funding solutions.
“We have a clear and ambitious strategy in place to grow our business and we’re committed to the markets we operate within. We will continue to invest, and to increase our support for businesses across the world, in line with this strategy.”
Earlier this year Bibby released its most recent SME Confidence Tracker, which should that the UK’s smaller firms were bullish about growth prospects.