Bibby Financial Services (BFS) has reported an increase in its funding to Liverpool businesses by 172% as it seeks to bolster its funding in the city.

From December 2014 to December 2015, the specialist funder increased funding to businesses in Liverpool from £3.6m to £9.8m.

Mike Calvert, head of sales for BFS in Liverpool, said: “SMEs in Liverpool tell us that they’re looking for funding to grow and many of them are now looking beyond traditional lending channels. I’m delighted that we have been able to increase our support to SMEs across the city and look forward to helping more businesses in 2016.”

One business that BFS has supported this year in the Liverpool area is Turtle Wax, a global car-care product manufacturer. Founded in Chicago, Turtle Wax moved its EMEA headquarters to Bootle, Liverpool in 2014. Earlier this year, Turtle Wax secured £6m in funding from BFS to support the company’s growth aspirations in the EMEA region.

Calvert added: “In addition to an increase in our invoice finance offerings, in 2015 we saw significant growth in our specialist products, including export and trade finance and construction finance.”

In November, the funder announced that it is to commit upwards of £770m in funding to UK SMEs, following a successful refinancing deal.

“We are committing funds of over £770m to UK PLC. This is fantastic news for all SMEs, including those in Liverpool,” said Calvert.