The National Association of Commercial Finance Brokers (NACFB), the trade body for commercial finance intermediaries, reported record-breaking growth in membership during 2023.
The association now boasts 2,436 individual brokers, marking year-on-year growth of 11%.
The growth was further highlighted by the number of NACFB Member firms, which now stands at 1,168 – also registering an 11% year-on-year increase.
Of the 96 new independent broker firms that joined the NACFB, 63% primarily operate in the commercial property sectors.
The remaining 37% cater for business borrowing needs in non-property areas, including leasing and asset finance.
In addition to the 96 independently authorised firms, a further 128 appointed representatives (ARs) of networks joined the NACFB in 2023 – of which a quarter (24%) operate in the leasing and asset space.
The latter half of 2023 also saw a 250% surge in membership applications.
The combined total of NACFB patron lenders and partner service providers remained stable at 166.
Paul Goodman (pictured), chair of the NACFB, said: “I extend my heartfelt thanks to everyone in our expanding network of finance professionals. Your efforts have been instrumental in our consistent growth.
“This surge allows the board and I to innovate and introduce new services for our members, not only enhancing their business prospects but also elevating the stature of commercial intermediaries across the industry.”
Norman Chambers, NACFB’s managing director, added: “The NACFB embraces a wide spectrum of financial specialties, mirroring the varied needs of UK’s business borrowers.
“We are steadfast in our mission to position our members as modern day bank managers, a goal that is not merely aspirational but well within our reach, thanks to our collective efforts and dedication.”
