Reward Finance Group has joined the recently launched Association of Alternative Business Finance (AABF), along with two other alternative lenders – Invoice Cycle and Merchant Money.
The AABF was launched on 1 February this year with the major ambition of championing and promoting the best standards of industry practice.
The seven founding members, Capify UK, Catalyst Finance, Credit4, Fleximize, Liberis, The Just Loans Group and YesGrowth established four clearly defined operating principles that members will be required to adhere to:
- Transparency
- Responsibility
- Fairness
- Security
At launch the Chairman of the Association, The Just Loans Group’s, John Davies said, “A vibrant and diverse alternative lending sector has successfully established itself in the UK and we feel the time is right to give it a voice and promote best standards of industry practice. Not surprisingly our operating principles lean heavily on the well established British Bankers Association Lending Code.”
John adds, “We are delighted to welcome three new members that clearly support the AABF’s ambitions. We have received a lot of interest from a host of other potential members particularly about one of our first initiatives – the creation of a members’ centralised database for Personal Guarantees that will prevent borrowers over committing themselves and help identify potential fraudulent activity.”
Reward Finance Group’s, Group Sales and Marketing Director, Nick Smith adds, “The lending marketplace is changing for SMEs with so many choices available. Here at Reward we are keen to ensure that the alternative finance space gets the profile it deserves so that ultimately the SMEs in the economy get the product they need to support and grow their businesses. Joining the trade association will give us a larger collective voice, help to promote alternative lending and ensure that standards and disciplines are maintained.”