Despite the global pandemic and subsequent slowdown in growth and spending, IGF continued to provide new facilities in excess of £50m in April, to add to the £1bn+ of client funding it provided in 2019.
The most recent deals came from across a range of sectors, including copper manufacturing, wholesale and industrial supply, food production, specialist advisory & waste management services. This reflects the many businesses out there who are focused on keeping the UK moving, fed and clean during this time.
Due to the asset-backed nature of the funding provided by IGF, the business has had to adapt to provide remote valuations and completions. This ensures that new and existing clients are able to unlock the value held within their assets to adapt to the challenges of today’s economic backdrop.
There has certainly been some marked differences within the requests received since the beginning of lockdown, although the range of deals secured demonstrated that there are still many vibrant sectors looking for support.
Reading & Waterlooville-based Stan Chem International, for example, was keen to respond to the growing demand for hand sanitiser. With a number of its usual retailers putting orders on hold, it found itself with additional operational capacity.
The funding provided by IGF allowed the business the flexibility to act on this opportunity. Within one week, the company had produced its first-hand sanitisers and within four weeks, half a million bottles were distributed to customers.
Matthew Shepherd, UK commercial director at IGF, said, “It is particularly heartening to see that across the requests coming in from our clients and businesses seeking new lending, many are adapting, and many are poised for growth. Companies aren’t just looking to survive.
“They’re planning for the post-Covid world and ensuring they have the most flexible funding in place to seize opportunities as they come. Small and medium sized businesses are the backbone of the UK economy and these examples of ambition and forward thinking are positive signs for the vital role they will play in the economic recovery of our country.”
“Our ability to support so many businesses prior to and through the course of the crisis, is testament to our creative funding approach and deep understanding of how our clients operate.
“Being an entrepreneurial business ourselves, we have experienced many of the same challenges faced by our clients. We know that having the ability to easily scale funding up and down in response to changing requirements, is the key to an agile and efficient approach.”