Construction firms 'remain positive' as lender Ultimate Finance reaches £14m funding milestone

Despite the weak pound, a skills crisis and increasing material costs, construction businesses continue to be confident in accessing funds, new statistics reveal.

With lender Ultimate Finance Group now providing £14 million of funding to small and medium-sized enterprises (SMEs), the independent finance provider saw a year-on-year growth of 75 per cent in April.

These figures prove that customers "are positive about their future," said Martin Bennison, managing director of Construction Finance at Ultimate Finance.

The finance provider's overall lending to SMEs now stands at £132 million and follows a record 2016, which saw a 23 per cent increase in overall lending, 16 per cent increase in client base, and an expansion of its national footprint with new offices in Leeds, Edinburgh and Manchester.

“Irrespective of industry or size, SMEs need fast, flexible and fair cashflow solutions that supports good working capital and allows them to grow and, as importantly, let’s them get a good night’s sleep knowing that the wages will be paid,” added Bennison.

“As an independent business ourselves we know that one day you have money in the bank and the next a big bill can change everything. Our growth over the past year reflects the investment we have made in our portfolio of products, and the insight we are able to bring to our offering.”

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