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.”