Invoice and asset-based finance company Venture Finance has reported a strong first half with increases in clients and funds under its management.
The company's Birmingham office, one of 11 across the country, was responsible for wining 16 per cent of the new client base during the six months from January to June.
A total of 122 new clients were secured during the period, while overall funds managed increased by ten per cent, although the company would not reveal the exact figure.
Sussex-based Venture, which is part of Dutch investment bank ABN Amro, said it was benefiting from clients using a broader range of services than just invoice financing - where companies borrow money against their future income.
The increase was attributed to an increase number of referrals from banks and recommendations from existing clients.
The firm, which increased its Birmingham office from three to seven staff this year, can lend sums up to £25 million in support of MBOs or capital investment.
The DTI's small firms loan guarantee had continued to provide a popular source of funding with 14 per cent of new clients choosing this option.
Meanwhile, 49 per cent of clients had chosen Venture's bad debt protection to help minimise the impact of customers defaulting on payments.
Steve Websdale, director at Venture Finance, said: "An increasing number of companies are becoming aware of the benefits of invoice finance over a traditional bank overdraft, as a means of stabilising cash flow and funding growth.
"This is combined with the fact that awareness of the small firms loan guarantee is growing, giving SMEs greater autonomy from their high street bank than ever before.
"It is also interesting to see that a significant proportion of business owners are taking steps to protect themselves from the damage that can be wrought by late, or sometimes, entirely defaulted payment."