THE former business of Keys Commercial Finance has been acquired by one of its shareholders Judith Totten in a six-figure buy-out and has been rebranded from today under the name Upstream Working Capital.
Backed by a team of 12 experienced professionals, the company provided more than £120 million of working capital last year, mainly to small businesses in the north seeking an alternative form of funding than provided by the mainstream banks.
And Upstream, which is based at Linenhall Street in Belfast, has ushered in its existence by introducing a new financial product it claims is unique to Ireland.
Called trade finance, the product is ideally suited to businesses with strong order books but who are currently constrained by limits on their existing funding lines.
It supports the supply chain by actually buying the product on the company's behalf and then giving them a period to pay which is based on the company's trading cycle.
As it does not impact on existing funding lines or security, it offers fast growing companies with a proven track record the ability to meet demand and enhance profitability.
"We will be offering a veritable mix of services including invoice and asset financing as well as other advisory business services to help stimulate growth among the SME community," says Ms Totten, who is also a non-executive board member of Invest NI and regional chair of the CBI economic affairs committee.
"But what we've got with trade finance is not currently offered by any other financial provider on these shores, and presents an opportunity to growing SMEs in Northern Ireland hoping to export goods but who need a specific type of funding."
The only locally-owned funder in Northern Ireland, Upstream’s major strength is in its owner-managed model, allowing decisions to be made and flexible solutions created – all with the ambitious small firm in mind.
Former banker Ms Totten - who has picked up a clutch of business awards in recent years - said: “After funding our own shareholder buyout, we took the decision to diversify the business and take it in a new direction, increasing the funding options available to SMEs and supporting confident growth by providing flexible working capital solutions.
“An SME ourselves, and having just reinvested in our own growth, we believe we understand, more than our competitors, the ambitions and pressures that Northern Ireland businesses face around their growth strategies. When we say we understand, we really do."
She added: “It’s an exciting time to be an SME here as confidence has been restored and we have begun to see movement, albeit cautious movement, in the market.
"Upstream, with its positive attitude and approach to funding, wants to help turn this into fearless movement, by facilitating growth and working collaboratively with our customers and partners to allow for a buoyant and confident trading environment.”
