Membership News
Membership News Reward boosts Yorkshireʼs SMEs with £50m
Metro Bank launches ABL proposition
Reward Finance Group has helped boost the Yorkshire economy in the last 12 months by providing over 140 SMEs with an additional £50 million of funding to enable them to unlock growth potential, create new jobs or help them navigate through a difficult trading period.
Metro Bank has announced the launch of a new asset-based lending (ABL) proposition. The NACFB Patron will provide lending facilities of £2 million and up against a wide range of assets including debtors, stock, plant and machinery in addition to commercial property.
The NACFB Patron attributes this success to its straightforward and flexible lending products, speed of delivery, and the confidence of an increasing number of companies to build their businesses post-pandemic. Gemma Wright, Reward’s managing director for Yorkshire and the North East, said: “As a business based in the region, it is particularly pleasing to fund the ambitions of SMEs across Yorkshire.”
The new offering is available to both existing and new-to-bank customers. Asset-based lending can be used for a number of business needs including refinancing of existing loans, growth both organically and via acquisitions, as well as transactional opportunities such as management buy-ins and buy-outs.
Among the SMEs in Yorkshire benefitting from Reward’s support in the last 12 months is a garden centre in Harrogate which received a working capital injection of £1.3 million to build a 20,000 square foot food hall, incorporating a 160-seat restaurant, and creating 60 jobs. The NACFB also supported a property business which secured £270,000 to purchase a 13,487 square foot freehold building in Halifax which it is separating into seven small industrial units for start-up businesses. Reward has grown along with the SMEs it funds. In the last year the NACFB Patron opened three further regional offices. 12 | NACFB
Commenting on the announcement, Alan Austin, head of asset-based lending, said: “Metro Bank’s focus will be on providing truly bespoke lending solutions that are tailored to each and every customer. We’re looking forward to supporting many more businesses in the years ahead.” Kevin Craven, director of invoice finance said that the new proposition would allow the Bank to offer even more choice to businesses. Metro Bank’s lending options currently include cashflow loans, revolving credit facilities and overdrafts. The NACFB Patron is currently rated as the number one high street bank for overall service quality and service in stores for business customers according to the Competition and Market Authority’s February 2022 rankings.
