Yorkshire SMEs boosted by Ultimate Finance’s £30m commitment

The Leeds office of Ultimate Finance has committed £30m over the next year to support Yorkshire SMEs that are struggling through lack of funding.

The pledge follows a successful 12 months for the asset based lender, which opened an office in the city centre at the beginning of last year.

Since then, Ultimate Finance has grown its Yorkshire team from five to ten and has recently doubled the size of its office.

The office was originally launched by group sales director Nick Smith, regional directors Katie McNulty, Paula McDermott and Adam Myers, and client manager Michelle Hoole.

Now the company has appointed northern sales director, Richard Waldman, regional director Noel Haverly, senior sales executive Michael Beer, client manager Emma Booth and sales executive Hollie France.

Nick Smith, group sales director, said: “Through our six offices we are regularly introduced to successful businesses who are frustrated their growth is being hampered by cashflow constraints.

“They want to take on new contracts and increase orders with their existing customers, but as they can wait 90 days or more for their invoices to be paid, they don’t have the cash available to do so.

“They have tried borrowing money through traditional routes but are still finding banks reluctant to lend. We are therefore seeing more SMEs using invoice finance as it enables them to have their invoices paid the next day.

“This is backed up by the latest findings for quarter three by the Asset Based Finance Association. It has calculated that funding to UK and Irish businesses, secured against invoices and other assets, has reached £20bn for the first time ever; an increase of four per cent on the same time last year.

“SMEs are now recognising they have earned the money by providing goods or services, so why can’t they have the money now rather than having to wait months for it.

“There are so many successful and growing SMEs in the region, and across the UK, which are being held back because of the short-sighted approach of lenders. It is our aim therefore to work closely with them in order to provide a flexible solution to their cashflow problems.

“To cater for the increase in demand we are planning to grow the office still further by continuing to recruit an experienced and knowledgeable team who can work closely with both intermediaries and SMEs.”

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