Irish businesses have been availing of €1.3bn in asset-based lending at any one time in the past year, according to the body representing the industry’s lenders.

Figures released by the Asset Based Finance Association – which represents asset-based financiers in Ireland and Britain – said 1,924 Irish businesses have been availing of credit secured against assets in the last 12 months.

Sales turnover generated by these companies reached €5.2bn in the year ending March, according to the association, which was 8% higher than in the same period of 2013.

The majority of the Irish companies availing of asset-based finance had an annual turnover of €1m-€5m, 173 had sales above €10m, while 28 had a turnover of more than €50m.