Reward provides £5.2m of funding to SMEs in first year of launching in Midlands
Reward Finance Group has helped boost the region’s economy by providing £5.2m of funding to SMEs in the first year of launching in the Midlands, to enable them to unlock growth potential, create jobs or navigate through a difficult trading period.
Experiencing unprecedented growth since opening its Birmingham office 12 months ago, Reward has tripled its headcount and is looking to further build on its success and expand its broker network in the year ahead.
The company attributes this rapid success to its straightforward and flexible lending products, speed of delivery, and the confidence of an increasing number of SME-size companies to build their businesses post-pandemic.
Reward says it is also due to the Birmingham office being led by Steph Brown, who is firmly established as one of the most experienced and well-connected people in the commercial finance market. She has spent more than 30 years operating within the sector and is using her local market expertise at Reward to support SMEs with a range of funding needs.
Among the SMEs in the region benefiting from Reward’s support in the last 12 months is a start-up company in the East Midlands which specialises in importing commercial refrigeration products to sell on to businesses ranging from convenience stores through to coffee shops.
The company receives high order volumes but needed finance to overcome cashflow challenges caused by the financial delay between importing goods from the supplier and receiving payment from the end trade customer. Reward supplied £250,000 in funding to the firm via its Asset Based Solutions to provide a revolving credit facility and much-needed working capital, in tandem with an invoice finance product.
Another firm to benefit is a Stourbridge-based used car dealership which took advantage of a £200,000 Business Finance facility to capitalise on the current buoyant market conditions and have the flexibility to purchase and sell more high-end vehicles when they become available.
Brown said: “The first 12 months of establishing any business can be challenging, so to go on such a rapid growth trajectory has been very satisfying. I feel it’s largely down to going the extra mile for clients and the continued hard work and expertise within the team we’re building here in the Midlands. We’re immensely proud to be funding the ambitions of so many SMEs across the region.”
Nick Smith, group managing director for Reward, added: “The phenomenal success achieved by our office based in Birmingham in the first 12 months of trading has completely exceeded our expectations. It’s largely down to Steph and her team developing a deep understanding of our clients’ business needs, ability to move at pace and flexible approach to finding the right finance solution.
“£5.2m is a significant sum to inject into the region’s economy in just 12 months. We’re now looking to the future and providing SMEs with the working capital to seize new opportunities, accelerate their business growth or simply get through a period of difficulty and rebuild a successful company.”