Reward secures extra £50m to its credit line
By Jodie BradleySpecialist lender Reward Finance Group has secured an additional £50m to its credit line from alternative investment manager Foresight Group.
Nick Smith, group managing director at Reward (pictured above), commented: “This opportunity supports not only our business, but also our clients in a challenging industry landscape.
“It emerges as a positive for SMEs, who often find it difficult to secure funding from high-street banks — especially while still recovering in a post-Covid climate, hit by rising inflation, interest rates, and corporation tax.
“This latest £50m increase, taking the total lending facility from Foresight to £180m, solidifies our shared confidence and vision for the business and fuels our aspirations to expand even further.
“In the next three years, we aim to surpass £350m in our loan book.”
Amy Crofton, director at Foresight Group, added: “Reward’s responsible, common-sense approach to lending has been a cornerstone of its success to date and is integral to ensuring firms secure the working capital needed for growth and job creation.
“We’re delighted to support Reward in offering even greater speed and flexibility in providing funding solutions to firms.”
Since launch in 2011, Reward has supported over 2,000 businesses across the UK by providing over £1bn of working capital to help SMEs elevate revenue, create jobs, innovate, and navigate through difficult trading periods.
Keywords: Reward Finance Group, Nick Smith, funding line, SME, Foresight group, inflation, corporation tax, interest rates, Amy Crofton, loan book