Independent Growth Finance (IGF), the UK’s leading independent asset-based lender, has reported significant levels of growth for the 7 months to October 2022, surpassing the milestone of half a billion of ‘live’ lending facilities.
Following a record year in 2021/22, in which £130m of new lending was provided, IGF has continued to support UK businesses, delivering a further £91m of new lending in the first 7 months of this financial year. IGF now supports more than £3.2 billion of annualised UK business revenue.
Continued support for UK business
Michael Fletcher, Commercial Director at IGF, commented: “Over the past two years we’ve achieved record levels of growth across all key metrics of; Client volume, Funds in Use and Income. These milestones have been achieved through our relationship-led approach to lending, and by gaining a deep understanding of our client’s needs, allowing IGF to provide tailored funding solutions to support current needs and future growth aspirations.
“In recent months, as macro-economic challenges persist, IGF has seen enquires from new borrowers increase. Tightening credit policies from mainstream lenders is one factor, but borrowers are also seeking a lender that is aligned with their growth strategies and one that can react when opportunities arise.”
Fletcher continued: “As a private equity-backed financier, we’re fortunate to have the continued support of Spring Ventures. Their investment in our growth has allowed us to step up our activities in support of borrowers and advisers, and having strengthened our presence in key regions across the UK, we are well positioned to continue our own growth trajectory.
“IGF’s suite of Asset Based Lending (ABL) facilities (receivables, property, plant and machinery, inventory and cashflow lending) are used to unlock funds from business assets, supporting growth and investment, alongside the flexibility businesses require in times of unprecedented change.”