Insider Media Limited

Funding enquiries from small businesses and manufacturing companies in the Midlands have "surged" in recent weeks. That's according to the regional director of Venture Finance, who spoke to Insider.

Cliff Meek, the asset based lender's regional director for the Midlands, said he expects the level of enquiries from manufacturers to continue rising.

"We've really seen the automotive and components sectors bounce back in recent months; the market is still a bit benign, but has come on enormously in the last year," he said. "There's been a real recognition that funding for these industries has become far more sought after."

Guy Walsh, business development manager based in the firm's Birmingham office, said that the number of small businesses seeking asset-based lending had also rocketed.

"Large companies are still a bit quiet on the whole – they're a bit more afraid to rock the boat – but small businesses are more keen to get themselves out there and take on funding opportunities."

Walsh added that more corporate businesses were through restructuring programmes, a trend which he expected to continue throughout the new year.

"More and more corporates are getting into exports, for example," he said. "In this instance, the expansion might require a reorganisation of the company, which we've seen a lot of enquiries for. I think this will definitely continue as they look overseas for growth."