Strong demand for finance in Western Australia has led a global lender to relocate to the state.
Bibby Financial Services is positioning itself for growth in Western Australia over the next five years after experiencing strong demand for debtor finance.
“We have added to our local team and, from this week, will start servicing clients from a significantly larger office at 673 Murray Street, West Perth, in anticipation of future demand,” Bibby Financial Services managing director Mark Cleaver said.
“Debtor finance is most popular and best utilised by companies that are experiencing, and looking to maintain, fast growth rates, but also those looking to strengthen cash flows,” Mr Cleaver said.
Debtor finance is well suited to the WA economy with companies looking for a finance arrangement that is flexible, requires no real estate security, and is competitively priced and, particularly, can provide fast access to cash to fuel growth, he said.
In the 12 Months to September 2014, total debtor finance in WA increased by 13 per cent.
"Bibby is also seeing particularly robust demand from financial advisers and other referral partners for non-bank financing options that offer greater flexibility,” Mr Cleaver said.
"There is an opportunity for Bibby to expand its footprint in WA, particularly as larger companies begin to investigate and realise the benefits of debtor finance," he said.
Bibby has serviced over 100 companies in WA and funded approximately $258 million of turnover.
Nationally, Bibby has increased lending support to the SME sector by over 40 per cent.