We’re delighted to report that June 2020 was a record-breaking month for our Asset Finance offer, with a 50 per cent increase in deals secured in May resulting in our loan book reaching a record high of £60m.
The growth in demand for Asset Finance indicates an increased appetite from businesses for alternative forms of funding beyond traditional loans and overdrafts, at a crucial time amid economic instability.
Asset Finance deals have been provided to businesses ranging from construction specialists to agriculture companies, for values up to £230,000. We have continued this momentum into July, having paid-out a £215,000 CBILS-backed Asset Finance facility for a leading platform equipment hire company.
The growth in our Asset Finance facilities comes after we achieved CBILS accreditation for our Asset Finance, Invoice Finance and Bridging Finance product portfolio, providing an even wider range of flexible finance solutions for businesses. At the same time, we have continued to invest in market-leading technological innovations, such as eSign, Open Banking, our online application portal and electronic ID and verification tools, to streamline processes for brokers and clients.
Josh Levy, CEO of Ultimate Finance, said: “For us, it’s unsurprising to see this growth in our Asset Finance offering given the benefits it provides businesses. At a time when many businesses are reactivating, or scaling back up post-lockdown, cashflow will be a major concern. Asset Finance allows those businesses to release capital previously tied-up in existing assets and enables them to invest swiftly in business-critical areas thanks to the speed of our service delivery.
“During the pandemic, government support has served a real need to plug a short-term gap in cashflow. But as we move out of the survival phase and towards recovery, we are starting to see a shift in mindset for businesses, with a strategic focus on their long-term financial security, which is key to the resilience of any company.
“We’re proud to have continued being the funding partner of choice for businesses of a range of sizes and sectors, working hand-in-hand with brokers and advisors across the country to provide the funding SMEs need.”