Asset-based lender Independent Growth Finance (IGF) has so far provided £65 million of new lending since lockdown began.
IGF was one of the first ABL lenders to become accredited on the Coronavirus Business Interruption Loan Scheme (CBILS) in April.
John Onslow, CEO of IGF, said: “British businesses are facing unprecedented challenges during the current COVID-19 crisis. Many have needed immediate access to funding to pay employees, boost working capital, and buy stock. As a company we’ve had to adapt to the conditions while supporting our existing client facilities and our new roster of CBILS supported businesses.”
During lockdown, IGF also confirmed an extension with its funding syndicate, enabling it to more than double its lending book. The company also made four hires, including an ABL director in the North of England, a HR manager and two additional graduates to its graduate scheme.
Onslow added: “Businesses are determined to survive and we are determined to help them do so. Our mission to provide flexible funding facilities, quickly, has never been more crucial. The growth of our team and the extension of our lending book will enable us to deliver on that and provide the support businesses need.”