Advantedge Commercial Finance has hit a funding milestone providing more than £100 million of funding to UK businesses. The firm achieved the milestone in July and has continued its growth with funding levels now at £110 million.
The achievement comes on the back of a challenging 18 months for businesses as they sought to navigate the impact of the pandemic.
In the first six months of 2021, Advantedge delivered a 28 per cent increase in the number of new client facilities over the same period in 2020 and a two per cent increase on 2019 levels.
With confidence increasing amongst UK businesses, Advantedge are continuing to see a high level of demand for invoice finance facilities and are forecasting a year end growth of 6% in new client facilities over 2019 levels putting them ahead of where they were pre pandemic.
Advantedge was recently acquired by US based eCapital Corp, a leading North American provider of speciality lending solutions. With the added funding and security that eCapital delivers it provides the strength from which to continue their growth plans to support UK businesses with their recovery plans.
David Tilling, CEO of Advantedge said: “It’s a real milestone for the team. It’s a recognition of our visibility during the last 18 months, making ourselves available to businesses to discuss funding options. Despite the Government support measures, we’ve seen a continuing upward trend in business since the end of Q2 2020 demonstrating the resilience of UK Business as they have fought to keep their businesses trading”.
He added: “We need to encourage SMEs to invest in their growth as they recover from the last 18 months. Ensuring that they can access fast, flexible, and easy funding solutions will increase their confidence in an uncertain economy. Advantedge are committed to supporting these businesses and are looking forward to continuing to make a difference to UK businesses.”
Advantedge Commercial Finance is a leading invoice financier providing funding facilities up to £2 million to support the growth of SME’s through the provision of flexible working capital facilities. The business has grown significantly since its launch in 2001, providing over £2 billion of funding to businesses. It is majority owned by eCapital, a US based financial services business with interests in the USA and Canada.