Reward Finance Group has provided £5.2m of funding to SMEs in the first year of launching in the Midlands.
Since opening its Birmingham office 12 months ago, Reward has tripled its headcount and is looking to further expand its broker network in the year ahead.
The Birmingham office is led by Steph Brown, who has spent over 30 years operating within the sector.
Among the SMEs in the region benefitting from Reward’s support in the last 12 months is a start-up company in the East Midlands which specialises in importing commercial refrigeration products to sell on to businesses ranging from convenience stores through to coffee shops.
The company receives high order volumes but needed finance to overcome cashflow challenges caused by the financial delay between importing goods from the supplier and receiving payment from the end trade customer. Reward supplied £250,000 in funding to the firm via its Asset Based Solutions to provide a revolving credit facility and working capital, in tandem with an invoice finance product.
Another firm to benefit is a Stourbridge-based used car dealership which took advantage of a £200,000 Business Finance facility to capitalise on the current buoyant market conditions and have the flexibility to purchase and sell more high-end vehicles when they become available.
Brown said: “The first 12 months of establishing any business can be challenging, so to go on such a rapid growth trajectory has been very satisfying. I feel it’s largely down to going the extra mile for clients and the continued hard work and expertise within the team we’re building here in the Midlands. We’re immensely proud to be funding the ambitions of so many SMEs across the region.”
Nick Smith, group managing director for Reward, added: “The phenomenal success achieved by our office based in Birmingham in the first 12 months of trading has completely exceeded our expectations. It’s largely down to Steph and her team developing a deep understanding of our clients’ business needs, ability to move at pace and flexible approach to finding the right finance solution.
“£5.2m is a significant sum to inject into the region’s economy in just 12 months. We’re now looking to the future and providing SMEs with the working capital to seize new opportunities, accelerate their business growth or simply get through a period of difficulty and rebuild a successful company.”
Pictured (L-R): Steph Brown and Nick Smith from Reward Finance Group