Reward Finance Archives

Reward Finance Group secures additional £50m credit line from Foresight Group

Reward Finance Group, known for its bespoke business finance loans and asset-based solutions tailored to SMEs, has recently announced a significant boost to its credit line. The lender, now with access to an additional £50m from alternative investment manager, Foresight Group, looks forward to amplifying its lending potential and accelerating its business growth trajectory. Reward's rapid expansion is evident in its support of over 500 SMEs across six regional hubs. The lender has also recently celebrated a new record, achieving a £200m loan book milestone. Bolstering its regional presence in the UK, several high-profile hires have been initiated at the senior level. Nick Smith, group managing director for Reward Finance Group, conveyed his perspective on this pivotal development: “This opportunity supports not only our business but also our clients in a challenging industry landscape. It emerges as a genuine positive for SMEs, who often find it difficult to secure funding from high street banks, especially while still recovering in a post-COVID climate, hit by rising inflation, interest rates and corporation tax. The support Foresight has provided over the last six years has been pivotal to our growth ambitions. This latest £50 million increase, taking the total lending facility from Foresight to £180 million, further solidifies our shared confidence and vision for the business and fuels our aspirations to expand even further – in the next three years, we aim to surpass £350 million in our loan book.” Expressing Foresight Group's confidence in their collaboration, Amy Crofton, director at Foresight Group, remarked: “We’re pleased to extend Reward’s credit line by an additional £50 million. The business has not only achieved 12 years of continuous growth but has also proven to be indispensable to numerous UK based SMEs. Reward’s responsible, common-sense approach to lending has been a cornerstone of its success to date and is integral to ensuring firms secure the working capital needed for growth and job creation. We’re delighted to support Reward in offering even greater speed and flexibility in providing funding solutions to firms, especially in an increasingly challenging business environment.” David Harrop, group finance director at Reward, expanded on the recent development's significance: “The £50 million increase is not only a major development for the business, allowing us to further enhance our lending capabilities, but also a significant boost for SMEs needing to borrow amidst prevailing economic and political uncertainty. We’ve invested significant effort into regional expansion over the last two years, and the latest investment from Foresight is a recognition of our progress. In this period alone, we’ve transitioned from being a highly-recognised lender in Yorkshire and the North West, to financing the growth ambitions of SMEs across nearly all corners of the UK.” Established in 2011, Reward's commitment to supporting businesses is unwavering. With backing for over 2,000 businesses across the UK and having provided more than £1 billion of working capital, they have actively contributed to elevating SMEs' revenue, fostering innovation, creating job opportunities, and guiding them through challenging trading spells. Foresight’s Private Credit strategy stands firm in its mission to provide alternative lenders with secured wholesale loan facilities. They craft custom facilities that empower innovative finance businesses, ensuring they can scale efficiently and optimally serve their customer base.

24 Oct 2023