HH Business Finance (HHBF) has reported strong growth in 2022 through its range of alternative funding and finance solutions for SMEs.

According to a survey commissioned by payment solutions firm Sonovate, 41% of business leaders believe that banks’ lending policies have failed to keep pace with modern business needs. Furthermore, 26% have difficulties accessing finance from major lenders.

The South Wales based, commercial finance firm says that alternative finance is already starting to plug this gap. Throughout the course of 2022, HHBF, which has its head office in Magor, has seen its own finance activity grow by more than 200%.

Mark Crook, director at HHBF, said: “We continue to solidify our position as a funder of choice for all SMEs, many of which are turning away from the big banks to financing that is better fit for the ways that modern day businesses operate.

“This year we have already doubled the size of the team, by the end of the year, we hope to add several more members, enabling us to provide solutions to even more SMEs across the country.”

In the last two years, HHBF has lent more than 1,000 clients in excess of £50 million.

Looking ahead, HHBF expects to strengthen its growth trajectory and support even more small businesses around the UK. With further interest rate hikes expected to be announced by the Bank of England in the coming months, the firm believes that many SMEs will be looking at alternative financing methods to fund their development. According to the same Sonovate survey, 44% of small business leaders expect to accelerate their finance plans in response to rate increases.

Crook added: “Our message is clear. If your business looking to secure funding for a range of reasons from investment in new equipment, property or simply to realise commercial ambitions, release cash flow pressure and fuel growth, we are here for you.

“Our team will always be ready to answer any questions. We pride ourselves on being a relationship first business rather than relying on an automated system to make decisions – because of our personal approach and wide-ranging industry expertise, we tailor our solutions to suit many different requirements.”