Reward Finance Group has opened a London office, headed up by experienced asset-based lender, Simon Adcock (pictured right).
Adcock has worked in the finance sector for 25 years and in his new role he will be establishing Reward’s presence across London and the South East among his well-established network of introducers, as well as SMEs across the region.
The alternative funder recently expanded into the Midlands.
Speaking about joining Reward,Adcock said: “I have always had a great deal of respect for the directors, having previously seen them operate first hand,” he said.
“Since then I have admired the way Reward does business, as it brings a refreshing approach to the sector. Rather than putting barriers in the way of funding, I have seen the way the team does all it can to find a solution to a company’s lending needs.
Read the full article at: Reward Finance Group expands into London and South East – The Intermediary
Independent business lender White Oak, has announced it has completed a securitisation facility from Barclays Bank, with the funds set to be deployed to SMEs across the UK via asset finance solutions.
White Oak is committed to supporting the UK’s economic recovery and will use this facility to enable SMEs and mid-size corporates to invest in their business and drive productivity and growth.
This comes as the UK Government implements several measures to encourage businesses to invest, including the super deduction which allows businesses to cut their tax bill by up to 25p for every £1 they invest.
With a balance sheet of c. £500 million, White Oak is one of the largest non-bank SME lenders in the UK. The firm has been instrumental in supporting a range of SMEs and mid-sized corporates during the pandemic via the CBILS scheme as well as its existing lease and loans products.
Building on an established track record in the UK since 1986, White Oak is now set to deploy significant capital into asset finance over the coming years while continuing to grow its loans business. White Oak will deploy support across a range of sectors including agriculture, manufacturing, and construction with its team of consultants having a wealth of experience from across these sectors.
Read the full article at: White Oak grows asset finance business with £150 million facility – Scottish Financial News
The facility will be used exclusively to increase the number of invoice finance facilities offered to business owners throughout the UK.
The alternative finance lender — which provides invoice finance facilities of up to £2.5m, as well as asset, loan and vehicle lending solutions — has recently seen an increase in the level of funding requests as businesses are working towards returning to pre-Covid levels.
Phil Chesham, head of invoice finance at Time Finance (pictured above), said: “Securing this increased funding facility is a significant boost to us and is reflective of the confidence RBSIF has in our business and the vital funding support we provide to firms across the UK.
“It not only helps our ambitious growth plans, but it also means that we are able to make available additional funding to SMEs looking to access finance and take their business to the next level.
Read the full article at: Time Finance secures additional funding from RBS to boost invoice (bridgingandcommercial.co.uk)
If your business is hurting and out of financial covenant, you may need to reach beyond conventional banks and approach non-traditional funders such as invoice-factoring partners and asset-based lenders.
Alternative funding solutions can give you the flexibility you need, without adding further debt to your books. For instance, invoice factoring allows you to sell your open accounts receivables to a lending partner such as Liquid Capital for a small fee. You receive the money you’re owed much faster and, because it’s not a loan, there is no interest to pay. This can be a really effective cash-flow strategy for businesses during a crisis.
Read full article at: https://www.bicmagazine.com/resources/sponsored-content/lost-business-funding-from-the-bank-heres-how-companies-can-recover/
An Ashton-under-Lyne-based company has navigated the difficult circumstances of the Covid-19 pandemic to receive a financial boost and grow and expand.
Aldermore bank provided a £900,000 invoice finance facility to support the purchase of Bar Code Data Ltd in 2020. Then a CBILS facility was provided during the pandemic and the firm has grown and expanded ever since.
Bar Code Data Ltd is a provider of barcode solutions and its expertise includes barcode scanners, mobile terminals, label printers and labels and ribbons.
The firm was established in 1990 and was bought by Mike Jackson in January 2020.
Aldermore provided an invoice finance facility as part of the funding to support the deal, and a Coronavirus Business Interruption Loan Scheme (CBILS) facility supporting the business’ cash flow during the pandemic.
Brexit has dominated the political and business headlines for more than two years. Yet still thousands of UK business owners across the country remain unclear on what the impact on their business will be.
Regardless of the uncertainty ahead, SMEs are not letting it affect their growth aspirations. In uncertainty lies opportunity, but it will need quick, flexible funding if SMEs are to take advantage before the moment is gone.
As we make our way towards March 29 and beyond, banks are likely to become more cautious and decisions are likely to take longer. In an environment where the inability to forecast is among the top Brexit challenges, these delays could cause catastrophic damage to businesses.
Read the full article at: https://www.financialdirector.co.uk/2019/02/11/why-alternative-finance-is-on-the-rise/
Invoice finance and asset-based lending in the UK stood at £22.2 billion at the end of 2017, up five per cent on the funds advanced at the end of 2016, figures published by UK Finance reveal.
Invoice finance and asset-based lending to small businesses increased by 19 per cent in December 2017 compared to the previous year, with advances worth a total of £833 million.
Annual sales of clients supported by invoice finance and asset-based lending stood at a record £311 billion in 2017, up four per cent on 2016.
Annual sales from clients through export invoice discounting facilities stood at £27 billion in 2017, up 21 per cent on 2016.
Read more at: https://www.globalbankingandfinance.com/invoice-finance-and-asset-based-lending-rises-5-per-cent-to-23-4bn-at-end-of-2017/
Although competency based interviews have been about for some time, many candidates remain in the dark about how to excel in this environment.
Here we take a look at why employers use this approach and how candidates can become competency based interview ready.
The purpose of a competency based interview is to find out whether you have the skills to match the job requirements – testing these out in a real work context.
The types of questions asked will give you an opportunity to demonstrate your competence by giving specific examples of when you have previously used your skills to undertake tasks, face challenges and manage problems.
Read more at: https://www.interview-skills.co.uk/blog/prepare-competency-based-interviews/
According to new data the demand for invoice finance is expected to grow by 21 per cent this year in comparison to 2017.
Last year’s lending figures were also eminent throughout spring and summer, with SME’s most likely to seek invoice finance between May and August.
Overall enquiries for cashflow finance also increased significantly in June, suggesting seasonal demand. Staff holidays and overall reduced business hours have a consequential impact on the demand for such funding.
See more at: http://www.bmmagazine.co.uk/news/demand-cashflow-finance-expected-rise-2018/
Alternative finance is badly named. This label suggests that opting for financing routes without involving the big banks is unconventional or “out there”.
But that’s certainly no longer the case, as people increasingly recognise the benefits of these smaller, more nimble businesses.
Last year, around £15bn was pumped into British SMEs from alternative finance firms – an indication of how mainstream the sector has become. And it’s more than just the funding gap that’s prompting this surge, because people are now realising that they can get a speedy service which simply isn’t feasible when going through the banking channels.
In the past, businesses only approached the alternative sector for funding when banks turned them down, but even that is starting to shift.
Read the full article at: http://www.cityam.com/271232/why-alternative-finance-now-mainstream
Every year, tens of thousands of small businesses see their loan applications refused by the big banks.
In fact, figures from the British Business Bank (BBB) indicate that this amounts to around £4bn in loans annually – a staggering figure when you consider that this is preventing businesses from being able to reach their full potential.
SMEs are expected to contribute £241bn to the British economy by 2025, up 19 per cent from last year’s figure of £202bn, according to research from challenger bank Hampshire Trust Bank and the Centre for Economics and Business Research.
So we shouldn’t underestimate how important SMEs are to the economy. And yet many companies are in dire need of finance, which is stunting their growth, and hindering job creation in the process.
Read the full article at: http://www.cityam.com/273886/gbp4bn-problem-stunting-sme-growth-
Business owners that remain cautious with regards to business funding, could be restricting their ability to grow.
The majority of SMEs do not trust traditional lenders to support their businesses according to two disparate reports.
Last week, BDRC issued its latest SME finance monitor, which showed that 8 out of 10 SMEs are refusing to apply for new finance as a result of Brexit uncertainty.
Despite ongoing uncertainty, the report clearly shows SME appetite for growth remains strong, with 45 per cent of small businesses stating they have plans to expand in the coming year, says Mark Sismey-Durrant, Hampshire Trust Bank’s CEO.
Read the full article at: http://www.growthbusiness.co.uk/british-businesses-hesitating-take-new-funding-research-2552298/