Alternative finance provider hits record results after lending £7m in October

Reward Finance Group, the Leeds-based alternative finance provider, has hit a major milestone by lending £7m across 23 deals in October – four more than the previous record set in March this year.

The deals, which included cash injections and invoice finance, were provided to a wide range of businesses including manufacturers, property developers, leisure operators, and the hospitality sector.

Nick Smith, sales and marketing director of Reward Finance, said: “I am extremely proud of our teams in Leeds and Manchester as nobody in our market can boast such an achievement.

“To complete more than a deal a day can be attributed to a number of factors. The fact that banks are still reticent about lending means companies are looking for alternative types of funding. In addition they want a lender who can get to grips with their business needs quickly and provide them with fast and flexible finance.

“Despite reports of Brexit fears our latest achievement shows there is still a lot of activity across all sectors by ambitious companies who want to grow their businesses.”

One example is a revolving credit facility provided to Flylolo, a flight operator which buys aircraft seats in bulk, by finding under-utilised aircrafts in order to obtain the best prices.

Flylolo then sells them to individuals and families at reduced rates on ‘peak season’ flights.

Paul Dendle, managing director of Flylolo, said: “I have been impressed with the way the deal has been structured by using existing assets to leverage cash. The new credit facility has allowed us to take advantage of purchase opportunities which are crucial to our business.”