Midland invoice finance company Hitachi Capital Invoice Finance has launched a £50 million credit facility to boost SMEs in the region.
The firm, which has offices in Telford, has hired senior business developer manager Richard Grainger to oversee the initiative.
The scheme was launched in response to news that outstanding debts to UK SMEs reached a high of £35 billion and businesses are waiting longer than ever to be paid.
The new role will see Mr Grainger secure finance for businesses to support lending and cash flow requirements.
John Atkinson, head of commercial business at Hitachi, said: “We have a national credit facility of more than £500 million for businesses across the UK and with Richard at the helm of the £50 million Midlands fund, I am confident it will help businesses in the region grow.”
Mr Grainger, originally from Stafford, moved overseas to study at Sheffield University in Texas.
He joined Hitachi Capital more than ten years ago, starting as a sales trainee and progressing to head up the Midlands team.
Mr Grainger said: “I truly believe we have a unique offering which is helping businesses across the UK in the toughest economic climate ever experienced.”