Bibby Financial Services (BFS) has pledged to increase its funding for UK small- and medium-sized enterprises (SMEs) by more than £290m after refinancing with a banking club.

The invoice finance provider has agreed a new deal with Barclays Bank, Bank Of America Merrill Lynch, HSBC Bank and Lloyds Bank.

BFS chief executive David Postings said: “This is a hugely positive announcement for UK PLC and the wider economy. Increasing our funding support for SMEs will create jobs and growth for businesses across the country.”

To date, BFS has advanced about £480m to UK SMEs and now has now committed funds of £774m to the sector.

To access greater funding, the business undertook a process of securitisation, which involved having its debtor-book rated.

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