A YORKSHIRE-based alternative finance provider has enjoyed a record-breaking month, as growing numbers of firms plan expansion.
Reward Finance Group, which is based in Leeds and Manchester, advanced £8m across 20 deals in 10 working days. This figure beats the previous number of deals set over a whole month.
Working with Leeds law firm Clarion, the money has been provided to firms from a wide range of sectors, including manufacturers and retailers.
Nick Smith, the group sales and marketing director at Reward Finance Group, said he was delighted with the company’s performance He said: “It was great to get all these deals away prior to the Bank Holiday. Many companies are resigned to the fact that decisions can take many weeks at this time of year, which leaves them in a state of limbo. “We know that companies can’t wait that long, as it could result in them losing an order or prevent them from growing the business. That’s why we make it a priority to turn matters around within a few days whatever the time of year.” Reward’s performance reflects wider trends in the lending market, according to figures published by the Asset Based Finance Association. In recent years, asset-based finance has been taking market share from traditional overdrafts.
The Asset Based Finance Association’s report said: “Smaller businesses are increasingly seeing asset based funding as a suitable way to unlock the value of a range of business assets to enable growth investment and free up working capital.” The Leeds-based pub group, the Little Tap Company, is one of the companies that has gained Reward’s support. Chris Renouccie, the company’s managing director, approached Reward for £200,000 to fund its Christmas refurbishment programme.
Mr Renouccie said: “With the work scheduled in, we needed a quick decision which, at this time of year, can be well-nigh impossible especially if you were to go down the traditional high street bank route, With many in the financial and legal world on holiday, there is a tendency for some to use it as an additional excuse to slow things down even more. We knew Reward could turn things around quickly which meant the loan was paid out within four days, enabling us to get on with the programme.