Income tops £12m for alternative finance business
A Leeds and Manchester based alternative finance provider has posted record year-end figures for the eighth consecutive year.
In the year ending February 2019, Reward Finance Group’s income grew 39% to £12.2m, with the loan book increasing by 21% to £64.3m.
During the 12 months, the Group completed 142 new deals, as well as providing further advances to existing clients, with an average loan value of £300,000.
Staff numbers doubled across both its offices, with 27 people now working within the company.
Nick Smith, Reward Finance Group’s Managing Director in the North West and group sales and marketing director, said: “SMEs require fast access to additional working capital to take advantage of business opportunities or to solve cash flow issues.
“However, there are still too many lenders who make it difficult, and at times impossible, for them to access the funds they need, which has led to the dramatic growth of alternative funders.
“Lenders need to continue to adapt to clients’ needs by creating funding products that suit the changing market.
“For example, our Business Finance product has become extremely popular with SMEs, as it can be used like a traditional overdraft. This enables companies to have a facility for as much as £3m for up to 24 months, with interest only being paid on the amount of money they draw down.”
Joint Managing Director, David Jones, added: “With a willingness to provide flexible funding solutions to meet a client’s needs, an ongoing recruitment drive for experienced personnel and a strong marketing campaign, we aim to continue the record-breaking run.”
