Online asset finance portal eyes GBP 2 bln SME funding target

ABF has unveiled that it plans to add a further 25 to 30 funders to its platform before tabled UK legislation for the provision of alternative funding sources comes into effect in April 2015.

TradeRiver Finance is a non-bank online funding solution which finances trade, both cross-border and in the UK. It allows companies to have access to working capital at any point in the supply chain. Boost Capital is a finance provider that helps SMEs access the capital for expansion.

The two new partners mean that over 40,000 businesses receiving a total of almost GBP 2 billion of funding have now been helped by the existing 13 portal members.

ABF has applied to win designated portal status from The Treasury under the proposed new rules in linking SMEs with alternative funding solutions should the business not find mainstream funding from banks or lessors.