Bibby Financial Services Scotland (BFS) has increased its funding to Scottish businesses in January in what was the funder’s best month on record.

Last month the funder provided in excess of £2.7 million in new funding to Scottish SMEs – more than it provided throughout the first quarter of 2014. The number of funding agreements made in January is up 180%, when compared to January 2014, making it a record month for the funder since opening its doors in Scotland in 1999.

Alan Anderson, head of sales for Bibby Financial Services Scotland, says the results reflect a growing number of SMEs turning to invoice finance to boost their cashflow.

He said: “SMEs in Scotland are looking at ways to grow, and there has been a definite step change in attitudes towards invoice finance over recent years.

“It’s evident that more businesses are beginning to understand the benefits of being able to unlock value in unpaid invoices.”