Figures released by UK-based Asset
Based Finance Association (ABFA) show members’ lending to
businesses grew 2% in Q2 compared to the same period last year.
Total advances from ABFA members stood
at £14.6bn (€17.7bn) in the second quarter of 2010, showing their
clients are “more confident about drawing on funds available to
them”, the Association said.
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Total sales from companies funded by
asset based finance also rose from £46.4bn to £52.4bn, year on
year.
ABFA statistics also suggest UK firms
are expanding their horizons abroad. Companies using export invoice
discounting reported £2.96 billion in sales, or 38% growth compared
to Q2 2009.
Kate Sharp, chief executive of the
ABFA, said: “This is the good news we’ve been waiting for.
“Sales and advances are at the highest
they’ve been in a long time, indicating a potential turn around for
the UK economy and showing that banks and financiers are still very
much open for business and our members are lending large amounts to
UK firms.”
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By GlobalDataHowever, the total number of customers
using import factoring tumbled 71% to 555 at the end of June this
year, compared to the same period last year. The total number using
ABL facilities fell 39% to 409.
Total sales from export factoring were
also down 27% in the half year to June 2010 compared to 2009, to
£563m, and down 29% in import factoring to £342m.
