The broker has also seen funding completions rise by 5%, and a 7% increase in total funds applied for.
The firm has also grown its team with up to six new members of staff.
Paul Varley, managing director at Navigate Commercial Finance (pictured above), said: “Increased business lending paints a positive picture of growth and we’ve seen first-hand a reported rise in alternative funding solutions.
“This has been across a variety of businesses, from helping those with their first lending facilities to assisting more mature businesses with accessing enhanced credit facilities.
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"It is an exciting time for all of at Navigate Commercial Finance, having celebrated our fourth year of trading and recorded strong growth despite a challenging economic backdrop, which continues to create uncertainty for many SMEs.
“Our increased lending figures and rise of revenue close to 40% from last year are strong indicators that the business is well placed to achieve our short-, medium- and long-term goals.
“We’re not standing still either, with plans to recruit further in the West Midlands in order to expand our reach with the aim of supporting even more businesses with their funding requirements.”
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