Online asset finance portal alternativebusinessfunding.co.uk (ABF) is targeting £2bn (€2.52bn) in SME finance after online asset finance providers TradeRiver Finance and Boost Capital joined the 11 providers already available through the platform.

ABF said it planned 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.

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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 an unsecured 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 £2bn 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.

Adam Tavener, chairman of pensionledfunding.com and an architect of the ABF collaboration, said: "With TradeRiver and Boost Capital now live on the portal – we are not only one step closer towards the £2bn business funding landmark – we’ve opened up an even greater choice of non-bank funding solutions for the UK’s SME economy. ABF is continuing to achieve its aim of providing a safe journey for businesses to access quality alternative funders if they have not been able to, or did not wish to obtain finance from a main bank."

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