Today we chat to Liam Hebberd, Business Development Manager at Bibby Financial Services, about what Bibby has been up to this past year, and how they have been helping SMEs. Bibby have been supporting SMEs since 1982, and now support more than 12,000 businesses worldwide.
Bibby Financial Services has been nominated for both Invoice Finance Lender of the Year and Asset Finance Lender of the Year.
Read on to find out more about the lender.
1. How has Bibby been helping SMEs over the past year?
Bibby’s doors have remained fully opened throughout the pandemic with no restrictions or reductions in funding criteria, allowing us to step in and support SME’s where the Highstreet lenders say no.
2. Has Bibby made any changes to their lending to accommodate the difficulties faced by SMEs?
Yes, we have introduced short term contracts, increased flexibility around pricing and a commercial stance when considering financials – Glass Half Full.
3. What makes Bibby unique as a lender?
Speed, flexibility, commerciality and service levels – we can release more cash into the business than other lenders due to our vastly experience teams.
4. Do you have any advice for SMEs who are hesitant to take out funding?
If you look at big businesses run by experienced FD’s, they would always suggest that you have a cash reserve and more, to manage in difficult times, it’s better to apply early and see what is available even if you hold off using it unless t’s really needed.
5. What can we expect to see from Bibby now that CBILS has come to a close?
There is an increase in business looking for cashflow funding to help to repay the CBILS facilities but also, more positively, to generate the funding for the growth to trade out of this. Typically after a recession there is also an increase in a new start businesses as displaced entrepreneurs set up for themselves, and Bibby are able to provide cashflow funding for new start and rapidly growing businesses.
Watch this space for the announcement of the SME Funding Awards 2021 winners!
To see a full list of all the nominees click here.
