Liberis estimates the new funding will support funding to over 2,000 SMEs in 2016 alone.
It is looking to double its annual volumes this year and provide nearly £50m of funding to small businesses.
In total, Liberis has advanced over £100m to SMEs and has now helped over 3,000 businesses invest and grow.
Tom Bason, Finance Director at Liberis, said: “Small businesses are vital to job creation and economic growth yet many still struggle to get loans through traditional providers.
“Liberis offers a flexible ‘pay as you earn’ option that has proven particularly popular with companies where income fluctuates on a seasonal basis.
“We want to become the first choice for small business finance by offering a simple and responsible option.”
Peter Wilson, CEO of British Business Bank Investments Ltd, said the lender was particularly keen to support innovative approaches to providing finance which expand the reach and choice of funding for SMEs.
“Merchant cash advances can offer a transparent and aligned financing option for business including some which might otherwise be unwilling or unable to raise finance,” said Peter.
“We welcome Liberis’ responsible approach to developing the sector, reflected in their customer charter, and believe that their growth plans will help our funding reach companies which might otherwise struggle to raise finance.”
Liberis provides funding from £4,000 to £300,000 to SMEs and is backed by Blenheim Chalcot, one of the UK’s leading venture builders.
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