Approved Business Finance hit £300 million milestone

Milton Keynes-based asset finance brokerage Approved Business Finance has announced a record year of business, hitting the milestone of financing £300m for UK businesses in the process.

The business went from strength to strength in 2022, facilitating more than £105 million worth of finance in the last year alone, bringing the total amount of finance facilitated by Approved to over £300 million since its inception in 2019.

Rory Dunn, Founder and Managing Director at Approved Business Finance, said: “We are extremely proud of hitting the £300 million milestone as it signifies our commitment to UK SMEs. It displays how much funding has been facilitated to grow businesses sustainably.

“It’s been a fantastic achievement to have been recognised on numerous occasions in recent times for the support we provide SMEs, winning the SME Champion Award in 2021 and being highly commended in the Covid Recovery Award in 2022.”

“Our success is a testament to the team’s hard work and dedication to each other and most importantly the businesses that we support.”

Approved has also welcomed two new shareholders, with directors George Dunn and Tom Sudds both taking on shareholder responsibilities. Both are longstanding members of the Approved team with a deep understanding of the business and its industry.

George, who specialises in the franchise and hospitality sectors, said: “This marks an exciting development in our history. I’m looking forward to working with the wider management team to build on our foundations as one of the fastest growing and most dynamic finance houses.”

Tom, whose main focus is on scaffolding, construction and the manufacturing sector, adds: “The role of the finance broker has never been as important as now due to the current economic turbulence, and we are more determined than ever to support UK business owners as they navigate out of this period. I’m excited to continue growing our offering for construction and manufacturing businesses.”

A big part of the company’s growth has been due to its strong focus on growing sustainable partnerships with vendors, suppliers, and manufacturers – essentially any business that provides equipment or products to the SME market in their respective industries.

Looking forward, Approved aims to continue pushing on with its own growth plan. Rory explains: “We are looking to further establish and grow our business finance offering with the addition of specialist property finance and Approved Tax, a specialist tax division that focuses on R&D tax relief. Both are services that can benefit our ever-expanding client base in asset finance.

“Our goal for the Approved Group is to facilitate all business needs, very much as a hub for finance, funding, tax benefits and growth plans. We hope to grow both these teams significantly moving forward and have exciting plans to support UK SMEs.”