The increase in funding from the commercial arm of the British Business Bank and the commercial finance provider will offer SMEs the opportunity to invest for rapid growth.

IGF provides a number of asset-based lending products, including loans secured against property, plant, equipment and inventory.

John Onslow, CEO of IGF, said: “Ten years on from the financial crisis, UK SMEs are still struggling to access the finance they need to grow their businesses.

“Our partnership with British Business Investments will provide much-needed finance to SMEs.

“The finance we will be providing allows them to unlock the value of the assets they own and use them to borrow funds to expand and create jobs.”

“We think that we have only begun to scratch the surface in this form of finance.

“It has enormous growth potential.”

IGF has provided financing to SMEs since 1997 and focuses on businesses with a turnover between £500,000 and £100m per annum.

In the 12 months to September 2017, IGF increased its funding to UK businesses by 180% year-on-year to £53m.

Catherine Lewis La Torre, chief executive officer at British Business Investments, added: “For innovative smaller businesses, asset-based lending can be the key to unlocking rapid growth without losing control of their business.

“This £30m commitment with IGF is another vital step in supporting businesses that are looking to expand, and is a further demonstration of our commitment to increasing the diversity of finance available to small businesses.”