Bibby Financial Services (BFS) has increased funding for SMEs in the West Midlands to £57m as it looks to extend its support for the region’s commercial businesses.

Between May 2016 and May 2017, BFS boosted funding in the region by 16%.

In Coventry the funder grew its funding support by 20% to £11,145,404, and in Birmingham by 5% to £21,888,232.

The funder has 19 local offices, including its West Midlands Business Centre in Birmingham’s Colmore Business District.

Jim Davis, head of sales for BFS in the West Midlands, said: “The West Midlands is a hotbed of enterprise and innovation and we’re delighted that we’ve been able to support so many commercial businesses to achieve their growth aspirations.

“It’s a hugely exciting time for businesses throughout the West Midlands. In Coventry, the Friargate and Bishop Gate developments will act as a big boost for the local economy, providing opportunities for big and small businesses alike.

“Similarly, there are a range of infrastructure proposals in place throughout Birmingham, Wolverhampton and the wider West Midlands region that will stimulate local supply chains – many of which are made up of those in the SME community.”

According to BFS’s SME Confidence Tracker report, West Midlands businesses are among the most positive in the country today. 87% said they invested in their business in the first three months of the year and 53% said they expect sales to increase in the three months leading up to July.

Davis added: “To take advantage of opportunities arising from local and national infrastructure projects and regional inward investment, businesses need to make sure they have stable cashflow to enable them to fulfil existing orders and take on new business.

“We look forward to extending our funding support for businesses throughout the region even further as we enter the summer months.”