In his March budget, George Osborne outlined plans for banks to recommend alternative finance providers when they reject a loan application. Over the past few months alternative finance has been in the press every week. At last the contribution of other finance providers to the market is being recognised. Alternative Finance is becoming ‘trendy’!
Trade Association Statistics
In a recent report the trade association, ABFA, highlighted an 8% growth in client sales and a 10% increase in advances across the industry over the last 12 months, which is great news. Over the last four years while bank lending has fallen the Invoice Finance industry has seen constant growth and is now lending over £16 billion to UK businesses - see graph above.
In comparison Calverton Finance client sales grew by an amazing 44% and advances have grown by 40% for the same period. Not only are our clients growing at a prodigious rate they also stay clients for longer. Although there are no comparison statistics, we believe that our client retention is the best in the industry.