Bibby Financial Services (BFS) says it increased funding to small and medium sized enterprises (SMEs) in the West Midlands by £20m in the first half of 2015.

BFS opened its West Midlands Business Centre in Birmingham’s Colmore Business District in October 2014, and since this time the funder has supported over 130 local SMEs.

Jim Davis, head of sales for BFS West Midlands, said: “The West Midlands is a hotbed for entrepreneurship and we’re delighted that we have been able to support so many businesses in the area with our funding.

“Over recent years the region’s central location and supporting infrastructure links to the rest of the UK have put it firmly on the map as an area for inward investment.

“Our local presence means that we can offer hands-on support to the region’s army of SMEs and business advisers.”

Davis says that the figures are a sign that SMEs in the region are looking more widely when it comes to securing funding to grow their businesses.

He added: “Gone are the days when banks would be the first and only port of call for businesses looking for finance. SMEs are now looking for more flexible sources of funding to grow, including invoice finance.”