LONDON, UNITED KINGDOM--(Marketwire - Dec. 10, 2012) - Speaking shortly after the launch of the Government's Funding for Lending scheme, leading invoice finance provider and debt factoring specialists Bibby Financial Services has highlighted the importance of alternative funding as a means for small and medium enterprises to secure vital finance.
Peter Cromarty, Head of Business Development at Bibby Financial Services North East, speaking after Sunderland based Thompson Building Centres secured a £3million confidential invoice discounting facility from Bibby, commented:
"At a time when the Government continues to insist on channelling funding through the banks, this deal adds further proof that alternative funding can provide a viable option for SMEs and that accessing finance is still possible.
"There is a need to reduce businesses reliance on the banks, as outlined in the Breedon Report into non-bank lending, and promote the viability of alternative funding options in order to ease the pressure on high street banks.
"This is a challenge we remain committed to tackling as we look forward to helping enterprise succeed and grow."
Lending provided by banks has fallen in every quarter since the coalition government came into existence. Schemes proposed including Project Merlin and the National Loan Guarantee Scheme (now replaced by Funding for Lending) have so far failed to address this shortfall.
Notes to editors
• Bibby Financial Services is the UK's largest independent asset based finance provider, providing cash flow funding for to small and medium sized enterprises businesses across the UK, to help them to grow and realise their potential.