Alternative finance provider Reward Funding has reached a milestone by surpassing the £350m ($470.7m) loan book threshold for the first time in its 15-year history.

The company has so far supported more than £1.45bn in business ventures, with its range of deals and funding solutions continuing to grow across the UK.

Since reaching its previous milestone, Reward Funding has expanded its workforce with 15 new hires and supported a total of 625 clients, enhancing its presence throughout the UK. 

Reward Funding managing director Nick Smith said: “£350m is not just another number, it is proof that our approach works. We back ambition quickly, and we back it well. That’s why more clients and introducers are choosing Reward. The whole country is in a difficult position with the state of the economy at the moment, and our team is ready to support those in need with our fast, flexible funding.”

The business added that it remains a key driver in the alternative finance market, offering niche and adaptable lending solutions in sectors that are often overlooked by traditional lenders.

There has been a recent uptick in the number of clients from the leisure and hospitality sectors, areas where Reward Funding has stepped in as other lenders have withdrawn.

Additionally, the company advocates for small and medium-sized enterprises (SMEs) during economic uncertainties, urging the government and other entities to prioritise these businesses, often seen as vital to the economy, in future financial planning.

Smith added: “To have grown our loan book by a further £50m in less than a year shows the market is rewarding a different kind of lender, and it truly reflects our speed, instinct and decisiveness to support SMEs with their funding requirements.”

Last month, Reward Funding appointed Martyn Evans as the new business development director, bolstering its team in the north-east.

Evans, who brings over two decades of sales experience and a decade in business development and lending, will focus on enhancing product offerings and building relationships with brokers, introducers, and new market entrants at Reward Funding.