GLI Finance invests in TradeRiver Finance
TradeRiver Finance is to increase the level of funding it will make available to UK SMEs following an investment from GLI Finance (GLIF).
The investment, which is in the form of equity and debt to the total of GBP2.8m, enables TradeRiver to accelerate its growth plans and offer trade finance solutions to more UK businesses.
TradeRiver is a non-bank online funding solution which finances trade, both cross-border and in the UK. The company provides businesses with finance to purchase goods and services through a convenient online platform. GLIF will be the first institutional/trade investor into TradeRiver.
SMEs are increasingly turning to alternative finance providers, such as TradeRiver, to offer working capital and short-term liquidity due to a more flexible and convenient approach to lending, compared with traditional financing sources.
Over the last three months, the amount TradeRiver has loaned to businesses has grown by 25 per cent to a total of more than GBP25m over the last two years.
Richard Fossett, chief executive of TradeRiver, says: “With GLI Finance, we not only have a new investor but an important partner with whom we can work to help UK SMEs grow through increased sources of liquidity. Small businesses in this country have always been a fundamental driver of economic growth, jobs and prosperity. This year needs to be the year of SMEs and we are well positioned to help the nation’s entrepreneurs and business leaders free up cash and manage their working capital to increase trade and drive the economy ahead.
“Over the last 12 months TradeRiver has been invited to contribute to various SME and alternative finance roundtable discussions at Number 10 Downing Street as well as the Cabinet Office. We will continue to lobby government at its highest level, on behalf of the nation’s SMEs to ensure greater support from Westminster, as it will be SMEs that determine a continued robust economic recovery.
“The investment from GLI Finance ushers in a new phase of growth for TradeRiver. We have supported our clients through the tough economic environment of recent years and with our new partner we are even better resourced to help SMEs benefit from increasing trade in this period of economic recovery.”
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