Credit line

£50m line of credit increase for lender

SME funder Reward Finance Group has received a £50m boost to its credit line from alternative investment manager Foresight Group.

Reward says he is now looking to double the size of his business over the next three years, aided by his regional expansion program and the launch of more financing products.

The new facility brings the total provided to Reward by Foresight to £130million.

The increase in the credit line follows 12 months in which Leeds-based Reward has seen strong demand for its products, and the opening of three new offices in the past nine months, leading to an increase in 50% of loans.

Reward currently has 350 SME clients in its portfolio, five regional offices and aims to double the loan portfolio to £250m over the next three years.

Nick Smith, Group Chief Executive, said: “It’s great when a third party shares your vision for the future and is assured by your business model and projections. For Foresight to support us by increasing our credit line to a record £130m is a resounding endorsement of the way we operate.

“Our three new offices, in Birmingham, London and Edinburgh, have been a great success, giving us added confidence to further expand our regional office network, especially now that we have an additional £50m to lend.

“We have completed ten years of uninterrupted annual growth in both our loan portfolio and our profitability, as audited by PwC.”

James Livingston, Partner at Foresight Group, added: “Combining responsible lending with a pragmatic and flexible approach, Reward moves quickly to provide finance to SMEs when they need it.

“We are delighted to have supported Reward on its journey and our own pragmatic approach to funding has enabled us to build a strong partnership, more than triple our facilities after five expansions and support Reward’s expansion across the country.

“With its ambitious expansion plans, we are confident that Reward will only get better and better and we have therefore not hesitated to increase the line of credit to facilitate its growth.”