6.1 C
Lancashire
Thursday, December 12, 2024

Foresight backed Reward Finance Group achieves landmark £200 million lending milestone

Alternative finance provider, Reward Finance Group (“Reward”), has passed the £200 million loan book milestone. 

 

The news comes just over a year after Reward received a £50m increase in its credit line from regional growth company investor, Foresight Group (“Foresight”). This increase brought the total capital committed to Reward, by Foresight, to £130 million – the largest credit facility the Foresight Private Credit team has agreed to date.  

 

In its twelfth year of continuous growth, Reward is now in the process of doubling the size of its business, facilitated by its ambitious regional expansion programme and the launch of new funding products. 

 

With a presence in Leeds, Manchester, Birmingham, London, Edinburgh and Cardiff, Reward lends up to £5 million across every sector, from start-ups to established businesses across England, Wales and Scotland. 

 

The £200 million lending milestone has been a major boost to the local economies in which Reward’s offices are located. Since its inception in 2011, Reward has supported over 2,000 businesses across the UK by providing over £1 billion of working capital. This has resulted in a positive impact in the local areas where these businesses operate; driving increased revenue, creating high-quality jobs, enabling innovation and providing the support for companies navigating difficult trading periods. 

 

Nick Smith, Managing Director at Reward, said: “Achieving such an exceptional lending milestone underlines the ongoing hard work and expertise within our team across our six regional offices. It’s also testament to the terrific relationships we’ve forged with our extensive network of SMEs, commercial finance brokers and other introducers.” 

 

Amy Crofton, Director at Foresight Group, added: “Reward has developed a niche in combining responsible lending with a pragmatic and flexible approach, acting quickly to deliver finance to companies when required. It has been a privilege to have supported such a dynamic company on its journey to date, and it is a source of pride to see the positive impact that Reward has had on local economies. We look forward to seeing what is next for the Reward team.” 

spot_imgspot_img

Latest

£230,000 cash boost to help Lancashire SMEs’ digital transformation

Made Smarter Adoption North West has secured an additional...

Leyland Trucks’ Helping Hand delivers festive joy to Derian House

This holiday season, Leyland Trucks’ charity arm, Helping Hand,...

Rogue Lancashire builder jailed for 11 years

A rogue builder and roofer from Burnley has been...

University celebrates ‘good’ Ofsted inspection

The University of Central Lancashire has retained its Ofsted...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Rogue Lancashire builder jailed for 11 years

A rogue builder and roofer from Burnley has been...

Suspended heritage trams will return in 2025, bosses confirm

Blackpool Transport bosses have confirmed that the suspended Heritage...

Last minute Christmas gift ideas

So your well-intended hopes of finishing your Christmas shopping...

Singles and Songs: New Study Reveals How Music Reflects Partner Values

A new study of more than 100,000 singles has...

More News

The perfect Christmas gifts for any home

Independent shops and high-street retailers both offer a fantastic selection of Christmas gifts for the home. Whether you’re shopping small or hitting the high...

Fibabanka and GetirFinans Launch Türkiye’s First BaaS Platform

In an innovative move, Fibabanka has partnered with GetirFinans to introduce Türkiye’s first Banking as a Service (BaaS) platform. This collaboration brings a new...

Leaders as Teachers: The key to Unlocking Employee Potential and Driving Sustainable Growth

Businesses require strong leadership to progress and thrive. Leaders serve as beacons of light in their companies, helping employees navigate through challenging times and...