The alternative SME finance provider launched its own book in 2014, and has reached this significant milestone after providing £511m to UK businesses in 2017 – up 32% on the previous year.

LDF Group aims to lend £1bn a year to UK SMEs by 2020.

Peter Alderson, managing director at LDF Group (pictured above), said that in the past, SMEs and start-ups would have seen their banks as the primary source of finance solutions – but times had changed, as alternative lending had become increasingly mainstream. 

“We’ve done everything we can to flip traditional finance on its head, and it’s working for our customers. 

“2017 was a year of change for us. 

“We introduced new products and began communicating to our audiences in a completely different way – removing the jargon and introducing a less bureaucratic approach to lending.

•   LDF supports UK SMEs with £500m in 2017
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•   Metro Bank partners with LDF

"2018 will also bring further positive changes for the business, [which] announced earlier this year that [it] had been acquired by US-based finance providers White Oak."

Peter added that this was an exciting time for LDF Group.

“Our new ownership brings a great deal of added benefits to our customers, such as increased levels of funding and access to an enhanced level of financial products and these will be a critical factor in us reaching the £1bn per year by 2020.

“Small firms need to be agile, and so we focus on making the process as quick and easy as possible.

“Effectively, we stripped unnecessary red tape out of our own business, and we’re passing the benefits on to our customers.

“Businesses can typically expect a decision within a couple [of] hours of submitting a loan enquiry, with the money often in the bank in a matter of days.”