Rising demands for investment in construction and new homes
- Credit: Archant
Ipswich-based alternative business lender Fleximize it is on course for a record-breaking 2018 after almost doubling its lending to entrepreneurs between the second and third quarters of this year.
In a trailblazing quarter, Fleximize increased the total amount lent to businesses by more than 45%.
Proving entrepreneurial drive in the UK is still high - despite mounting uncertainty - the company saw a rise in its average loan size from £50.7k to £60.7k and a total increase demand in applications up almost 12%in the third quarter.
Sectors to note for this growth in Q3 include the construction industry which saw a 91.2% increase in loans deployed, accommodation with 38.1%, and information and communication following with a 44.5% increase.
Since launching four years ago, Fleximize has lent more than £85 million to British SMEs and the company is well on track to hit its goal of lending more than £100 million to SMEs by the close of 2018.
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Peter Tuvey, co-founder and managing director of Fleximize said: “Our consistent growth is testament to the hands-on, hard-working and dedicated entrepreneurs supporting the UK economy and we’ve become a necessary part of their success stories.
“The significant rise in lending we have seen in the construction and accommodation sectors prove there is still demand for property development in the UK.
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“As for the information and communication industries, I’m glad to say we’re part of the technological innovations happening in Britain and we’re helping turn these businesses into a reality.“We want to continue doing right by entrepreneurs, especially in a time of such unease in the UK. This has been a very exciting year for Fleximize so far and we’re well on track for achieving what once seemed like a hugely ambitious target.”