Bibby Financial Services (BFS) has increased its funding to Yorkshire & Humber businesses by 12%.
BFS is the largest independent invoice finance provider in the UK. From 2015 to 2016, the specialist funder increased funding to businesses in Yorkshire from £33.7m to £38m.
Mike Day, head of sales for BFS in Yorkshire, said: “Businesses in the Yorkshire and Humber area certainly feel like they are on the upwards curve. Over the past quarter we have seen a lot of activity from newly formed businesses as well as some management buy-outs and buy-ins.
“The main draw for businesses to seek additional funding is the growth opportunities that they need to fund. Our latest SME Confidence Tracker showed that businesses in the region are looking to invest on average £98,000 over the next three months – the highest in the UK.”
The latest SME Confidence Tracker also showed that confidence was on the rise amongst businesses in the region. 43% of businesses expect their sales to increase over the next three months, up from 39% in the previous quarter.
Day added: “A key growth area over the past three months has been from recruitment focussed businesses. This is reflective of the wider region’s economy, with businesses feeling confident and creating more jobs.”