York-based alternative funding provider, One Stop Business Finance Group, has exceeded £20m for the first time after a record month in February.

This comes as the specialist funder reaches £15.7m of funding for entirely new deals throughout a 12-month period, despite challenging economic conditions. These figures represent a 34% increase in lending compared to the year prior.

In addition, its loan book has increased from 14m, 12 months ago to 21m in February 2023, representing a 47% increase.

The firm, which was listed as one of Yorkshire’s fasted growing Businesses by Ward Hadaway, successfully doubled the size of its team in 2022 in a bid to continue to increase its level of service, offering and volume of business.

Andrew Mackenzie (pictured), One Stop Business Finance’s founder and group managing director, said: “This milestone is reflective of the amount of funding that we can continue to offer businesses across the country. These record performances across all areas of our business are a demonstration that our ‘people first’ and responsible lending strategy continues to deliver strong results.

“We remain committed to supporting the ambitions of small to medium businesses and are proud that we offer bespoke funding solutions to meet the needs of a diverse selection of industries.

“SMEs are often the first to experience difficulties accessing finance during times of economic stress, yet by virtue of their size rely disproportionately on external finance for cash flow and investment opportunities.

“When the banks say ‘No’, our friendly flexible funding solutions can offer cost-effective solutions so that businesses can focus on their growth goals, development, and recovery.

“This milestone reflects the hard work of our whole team with the continued support of our private and institutional funders, as we push on towards the £30m target before entering our 10th operational year.”