Construction SMEs

Ultimate provides £14m to construction SMEs




Ultimate Finance has lent £14m to SMEs through its construction finance product.

The business finance provider has now taken overall lending to SMEs to £132m and achieved a 23% lending increase during a record-breaking 2016.

Ultimate Finance’s lending through its construction finance product has seen a year-on-year growth of 75% as of April 2017.

The product is tailored to meet the specific requirements of businesses in the sector, allowing access to money that is tied up in lengthy construction contracts.

“The construction industry faces a number of challenges, not least a weak pound, skilled labour shortages and managing the costs of raw materials,” said Martin Bennison, managing director of construction finance at Ultimate Finance (pictured above).

“Despite this, these figures prove that our customers are confident in accessing funds, and are positive about their future.”

Ultimate hopes to continue its commitment of investing in businesses looking to grow and has opened new offices in Leeds, Edinburgh and Manchester.

“Irrespective of industry or size, SMEs need fast, flexible and fair cash flow solutions that supports good, working capital and allows them to grow and, as importantly, let’s them get a good night’s sleep knowing that the wages will be paid,” added Martin.

“As an independent business ourselves, we know that one day you have money in the bank and the next a big bill can change everything.

“Our growth over the past year reflects the investment we have made in our portfolio of products, and the insight we are able to bring to our offering.”

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