Reward Finance Group has helped boost the Midlands’ economy by providing £5.2m of funding to SMEs within its first year of launching in the region.
This funding boost aims to unlock growth potential, create new jobs and help companies navigate through a difficult trading period.
Having experienced unprecedented growth since opening its Birmingham office 12 months ago, Reward’s team has tripled in size and is now looking to expand its broker network in the year ahead.
Steph Brown, Reward’s regional director for the Midlands, 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.”
The company attributes this rapid success to its straightforward and flexible lending products, and the confidence of an increasing number of SME-size companies to build their businesses post-pandemic.
Among the SMEs in the region benefitting from Reward’s support is a start-up company in the East Midlands specialising in importing commercial refrigeration products to sell on to various businesses.
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.
In response, Reward supplied £250,000 in funding to the firm via its Asset Based Solutions.
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 – granting them the flexibility to purchase and sell more high-end vehicles when they become available.
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.
“£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.”
