Bibby Financial Services increased its funding to businesses in July to record levels.

Bibby Financial Services made 114 funding agreements, providing funding limits of over £40m, to new business clients in July.

David Postings, Bibby Financial Services’ chief executive, said results highlight more and more businesses moving away from traditional bank-lending.

He said: “There has been an important step-change in attitudes towards non-bank lending over recent months. The tides are turning as businesses are seeing the value and benefit of other forms of finance, such as invoice finance and asset based lending more broadly.

“Across the board, we have seen a huge increase in funding to businesses of all sizes, across a broad spectrum of industry sectors.

“Our corporate team, which deal with larger businesses, construction finance team and trade business each had record months for new funding. This is a fantastic achievement for us, but it also provides a significant boost to UK PLC”, David added.

Both introduced and direct business has increased for the independent funder. Postings said this was a sign that Bibby Financial Services has successfully managed to build-on existing and develop new broker relationships, while enhancing its digital offering for businesses.

He said: “We’re extremely grateful to the introducer community that has continued to work with us to generate new business. Furthermore, our teams across the UK have been able to develop new relationships throughout the first half of the year and this has paid dividends in terms of the number of funding agreements we have made.

“Additionally, our digital team has completed phase one of our new website, and this has seen us increase direct business, which is also fantastic.”