UK-based alternative funding provider One Stop Business Finance (OSBF) has achieved a milestone by surpassing £30m lending volume for the first time.
This comes after the company experienced record-breaking months in February, March and April.
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OSBF’s loan book has seen nearly 50% growth, increasing from £21m twelve months ago to £31m in April 2024.
This surge is accompanied by a forecasted year-end projection that ranges from £35m to £36m by the end of next month.
OSBF said its growth is supported by its recruitment campaign, which has expanded its reach across the majority of England and into Wales.
The aim is to continually enhance service levels, offerings, and business volume.
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By GlobalDataIn March, OSBF hired Harry Lamb as the new business development manager for the North East.
Founded in July 2014 by Andrew Mackenzie, Yorkshire-based OSBF provides a range of financial products and services to small and medium-sized enterprises (SMEs).
These include working capital loans, bridging finance, revolving credit facilities, development & refurbishment lending, asset finance, commercial property loans, short-term loans, and invoice finance.
Mackenzie said: “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, diversification and recovery.
“This milestone reflects the hard work of our amazing team across England and Wales with the continued support of our private and institutional funders, as we push on towards the £40m target in what is our tenth operational year.”
This announcement comes amid an increasing reluctance from high street banks in the UK to fund SMEs, as per findings by iwoca.
According to iwoca’s Q1 2024 SME Expert Index, 77% of specialist brokers have noted a reduction in finance availability from banks.
