ABF says it accounts for over 85 per cent of the UK's alternative business funding market and is growing with the support of various trade bodies, such as the British Banking Association, the Federation of Small Businesses and the Institute of Chartered Accountants.
Adam Tavener, Chairman of pensionledfunding.com and instrumental to the ABF collaboration, said: “rebuildingsociety is the twelfth funder to join the ABF collaboration and the first since George Osborne's announcement that the planned legislation around bank referrals is going ahead. We have a further 27 funders waiting to join and will be getting them on board as soon as is practically possible.”
Once the new legislation to help SMEs takes effect, banks who refuse loans will have to put prospective borrowers in touch with sources of alternative finance.
Commenting on the collaboration, Daniel Rajkumar, Managing Director of rebuildingsociety, said: “Joining Alternative Business Funding reinforces our commitment to help businesses grow and demonstrates that we have the backing of our crowd of investors to provide loans to those UK businesses who want the opportunity to succeed – an opportunity which is sometimes denied to them elsewhere.”
Rebuildingsociety's loan book currently stands at £4 million.
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