Funds managed by Foresight Group have provided an additional GBP10 million extension to bolster an original GBP40 million secured loan note facility which was agreed in September 2017 for Reward Finance Group Limited (Reward).
Leeds-headquartered Reward is an independent lender which provides secured loans to UK-based SMEs seeking more flexible finance, more promptly than mainstream lenders can deliver. Reward’s bespoke funding solutions take multiple assets as security, enabling the Company to provide short to medium term loans or invoice discounting facilities to support companies in a variety of different situations.
Since the original loan facility from Foresight was agreed last year, Reward has supported more than 100 local businesses with secured loans or invoice finance facilities, lending in excess of GBP40 million.
Amy Crofton, Investment Manager at Foresight, says: “Since we made the original GBP40 million facility available to Reward last year, it has been impressive to see how many local businesses have already benefited from this stream of capital. We are pleased therefore to have increased the facility by a further GBP10 million, which will enable Reward to continue to support the healthy pipeline of businesses looking for this kind of finance.”
James Livingston, Partner at Foresight, adds: “Reward is successfully addressing a significant gap in the market and continues to expand its offering both in terms of national reach, with the opening of additional offices, and debt offerings.”
Nick Smith, Sales and Marketing Director at Reward, says: “The fact that Foresight has added a further GBP10m to its initial investment of GBP40m demonstrates the faith it has in us to continue to maintain our impressive growth by providing SMEs with fast and flexible funding to enable them to grow their businesses.
“Increasingly companies are turning to asset-backed funders like Reward Finance as traditional banks can be slow to react when, more often than not, funds are needed quickly. With the extra funding we will be able to quickly meet the growing demand for our finance products across the North of England, through our Leeds and Manchester offices.”
