Lloyds TSB Commercial Finance has seen the value of its asset-based loan book increase by eight per cent to more than £1 billion.
The company said it was the first time in its history that average lending balances on its asset based lending (invoice discounting plus) portfolio had reached ten figures.
Reaching the milestone coincides with restructuring plans that will see renewed focus on its key sources of new business and a more aggressive presence in the market.
In addition to hitting the £1 billion figure, Commercial Finance also has a further £260 million extended to SMEs through factoring facilities and more than £900 million on its HP and leasing books.
This puts its total average loan balances at more than £2.2 billion spread across more than 13,000 businesses.
The company is also signing up new clients at a rate of more than 170 a month, ranging from start-ups to large trans-national corporates.
As part of the restructuring of the business, new internal and external sales teams are being established who will be dedicated to building and deepening relationships with core introducers within their segment.
Jon Adams, regional director for commercial finance in the Midlands, said: "This is all about getting closer to our contacts, maximising the flow of new business from both our internal and external markets and growing our income.
"We are already in the strong, and unusual, position of gaining new business in equal measure from both markets. Our new sales structure will provide renewed focus, growth and vigour, allowing us to continue making inroads into the asset-based lending market. We recently celebrated the tenth anniversary of Lloyds TSB Commercial Finance being based in Birmingham, which was another important milestone."
