Scottish Pacific CEO Peter Langham said the deal will help SMEs and start-ups looking to fund business growth, providing an improved alternative to the big four banks and broader banking sector.
“Business owners make it clear to us, via our SME Growth Index, that far too many SMEs still don’t know about funding options beyond the banks, and when the banks won’t fund them they look to their family and friends or the credit card to maintain and grow their business,” Mr Langham said.
“Scottish Pacific’s offering as a working capital lender for SMEs was already strong and is now even more a comprehensive funding alternative for small businesses looking to grow, whether domestically or overseas.”
Scottish Pacific is the only non-bank approved by the federal government’s Export Finance and Insurance Corporation (Efic) agency to help fund SME exporters, and has a strong trade finance division as well as a selective invoice finance offering.
Bibby has recently expanded beyond debtor finance into credit insurance, asset finance, a collections business as well as progress claim finance.
“With the acquisition, Scottish Pacific clients will be able to access a broader range of funding and business solutions, all without having to mortgage the family home,” Mr Langham said.
“Our expanded team looks forward to working with the SME sector to support their growth.”