York-based alternative funding provider, One Stop Business Finance Group, has transcended a new lending milestone, exceeding £20m for the first time after a record month in February.
This comes as the specialist funder reaches £15.7m of funding for entirely new deals throughout a 12-month period, despite continued turbulent economic conditions. These figures represent a 34% increase in lending compared to the year prior.
In addition, their loan book has increased from 14m, 12 months ago to 21m in February 2023, representing a 47% increase.
The firm, which was listed as one of Yorkshire’s fasted growing Businesses by Ward Hadaway, successfully doubled the size of its team in 2022 in a bid to continue to increase its level of service, offering and volume of business.
Commenting on the news, One Stop Business Finance’s founder and Group Managing Director, Andrew Mackenzie (pictured above), expressed his delight at the lending milestone:
“This milestone is reflective of the amount of funding that we can continue to offer businesses across the country. These record performances across all areas of our business are a demonstration that our ‘people first’ and responsible lending strategy continues to deliver strong results.
We remain committed to supporting the ambitions of Small to Medium businesses and are proud that we offer bespoke funding solutions to meet the needs of a diverse selection of industries.
SMEs are often the first to experience difficulties accessing finance during times of economic stress, yet by virtue of their size rely disproportionately on external finance for cash flow and investment opportunities.
When the banks say “No”, our friendly flexible funding solutions can offer cost-effective solutions so that businesses can focus on their growth goals, development, and recovery.
This milestone reflects the hard work of our whole team with the continued support of our private and institutional funders, as we push on towards the £30m target before entering our 10th operational year.”
Established in 2014, the specialist lender, One Stop Business Finance has gained extensive experience in supporting businesses with secured loans from their own private funding, retained profits and bank funding lines.
Against a backdrop of rising interest rates, inflationary pressures and the cost-of-living crisis, One Stop Business Finance has continued to accelerate its origination levels at a time when credit conditions elsewhere across the United Kingdom, have been tightening considerably.
The company currently supports SMEs with a range of financial services including Invoice Finance, Working Capital Loans, Development Lending, and Revolving Credit Facilities, to name but a few.