There has been a 77% year-on-year increase in small and medium sized enterprise (SME) funding in the South West of England, research from 365 finance has revealed.
Over the past three years, successful applications for business funding increased by 206% in the region.
In addition, according to the latest data direct from the revenue-based finance provider, SMEs in the South West on average obtained 20% more in funding.
Hospitality businesses dominated the top five sectors in the South West opting for business finance over the last 12 months.
Food retailers and non-food retail outlets followed closely, with the top five rounded off by MOT garages.
In order to expand within a high-demand region, 365 finance has now opened a new branch in Bristol – with a team of five staff – serving SMEs in the South West.
The lender’s head office remained in Camden, London.
Warren Abbey (pictured), 365 finance CEO, said: “We support SMEs across the whole of the UK, and traditionally have done so from our well-established London office.
|”However, with rising demand in the South West for our Rev&U™ revenue-based finance, it has made sense for us to open our new secondary office in Bristol, which is yet another exciting development for us as a business this year.”
Chris Thorne, 365 finance strategic partnerships director, added, “Bristol has developed into a bit of a fintech hub in recent years, which is another reason why having more of a presence here works well strategically for 365 finance.
“Our expectations of the Bristol team include productivity doubling, as well as faster funding in the coming months.”
