Independent Growth Finance (IGF), a leading independent asset based lender, today announces it has secured significant new senior lending to facilitate its continued growth. The new funding comes as IGF continues to outperform its ambitious growth plans.
The senior finance facility is provided by Royal Bank of Scotland, HSBC, and ABN AMRO Bank. The funding will further enable IGF to provide working capital finance to growing SMEs. In the year to September 2018, IGF increased lending to UK SMEs by 70%. In September, IGF completed eight asset-based lending deals, a record month for the company.
The senior finance facility follows additional recent investment from Spring Ventures, IGF’s private equity owner to support IGF’s sustained growth. In addition, last year British Business Investments, the commercial arm of the British Business Bank, provided £30m of funding to IGF.
IGF provides flexible funding solutions to UK SMEs, powering their freedom and helping them to achieve their growth aspirations. With a deep understanding of business requirements, IGF offers proven, trusted expertise. IGF has an excellent reputation for delivery within transactions (MBIs / MBOs), refinancing requirements, restructuring activities and viable turnaround proposals. Their progressive funding solutions have recently been provided to Penta Foods, Axminster Carpets, and Contract Chemicals Ltd.
John Onslow, CEO of IGF said: “This is an exciting time for IGF. The additional senior lending facility will support the unprecedented growth of the business. The funding enables IGF to continue financing the growth ambitions of UK SMEs. For many businesses, asset based lending can be the key to unlocking rapid growth without losing control of their business.
“This latest funding further strengthens and sustains IGF’s proven market position as an independent and entrepreneurial asset based lender. In the coming months and years, we will continue to welcome new talent into IGF to help drive our asset based lending solution in the UK.”
Matt Cooper, Chairman, of IGF said: “IGF is going from strength to strength. We are delighted to have continued support from third parties. This latest funding is a testament to the achievements of IGF to date and the positive future outlook for the business. We look forward to continuing to grow as we help our clients grow.”