SME funder, Bibby Financial Services, has announced a £300m Pandemic Recovery Fund to support SMEs as lockdown restrictions are lifted over the coming months.
Available through BFS’s invoice finance products including factoring, invoice discounting, construction finance, trade and export finance variants, the fund can be accessed by new and existing SME clients that trade with other businesses.
The fund will be targeted at those SMEs who are trading on credit terms with other businesses, supporting supply chains and those looking to access funding to drive growth. Recent research conducted by BFS found that 66% of SMEs believe that demand will reach pre-pandemic levels by September, and 76% are looking to invest in staff training (39%), hiring (29%), new tech (33%) and equipment (29%) over the coming months.
During the pandemic, BFS continued to support new and existing clients, funding more than £6bn of SME turnover in 2020, as well as providing foreign exchange services for businesses trading internationally. While available to all SMEs, based on current demand, BFS expects approximately 20% of the fund to support manufacturing businesses, 15% to support services, 15% to support construction, 10% to support transport, and 10% to recruitment SMEs. The remainder will be available to businesses suitable for invoice finance in all other sectors.
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