Scottish businesses invited to apply for IGF funding directly
SME commercial finance provider IGF, which has completed £5 million in asset based financing to Scottish SMEs since its launch in July, has announced an additional £5 million fund for SMEs specifically to support management buy out (MBO) activity.
In the four months since opening its Scotland branch in Glasgow, IGF has provided facilities to 10 clients, ranging from a £100,000 invoice finance facility to a £2 million asset based lending facility, funding assets including stock and property.
The businesses which have benefitted from the support of IGF operate across sectors including recruitment, facilities management, procurement, engineering and construction.
Alan Anderson, director of Scotland, IGF, said: “The opportunity for business expansion in Scotland is exceptional and the appetite for strategic growth amongst Scotland’s entrepreneurs is at the highest we’ve seen in recent years. In response to this, we have launched a £5m fund specifically to assist SMEs seeking a management buyout, be it for the funding of the deal itself, or to support cash flow under new ownership.”
The fund is available now and is in addition to any invoice discounting financing lines. The target is to have the initial amount deployed before April 2017.
Anderson added: “There are small businesses all across Scotland looking for finance, many of which have untapped wealth in the assets of their companies. This fund, as well as our other ABL funding options, can provide businesses with a financing solution that mainstream lenders cannot offer.”
For more information, or to apply for the funding, contact Alan Anderson at IGF directly via firstname.lastname@example.org