BELFAST-based alternative finance specialist Upstream is poised for significant future growth as a result of the backing of a major US investor.
And the locally-owned and managed company, the first local funder to bring a trade finance solution to Northern Ireland, says it expects its funding levels to triple within the next 12 months.
Co-founder and managing director Judith Totten MBE said: “Trade finance has the potential to unlock major growth for SMEs struggling to keep up with demand and those at risk of losing crucial order pipelines due to the unnecessary delays associated with some traditional lending streams. It bridges a gap where organisations require additional funding quickly to deliver orders beyond their current capability.
“Available to businesses across almost every sector where this funding gap exists, our trade finance option is a perfect complementary product to our core invoice financing offer which effectively provides strong cash-flow for businesses based on the value of invoices they raise. A client can avail of one or both offerings under the one roof at Upstream.”
Upstream (www.upstreampositive.co.uk) confirmed it has secured the long-term support of an ambitious US-based debt and equity fund which specialises in financial services and funding receivables.
Ms Totten describes it as a "game changer" for Upstream and for SMEs in Northern Ireland, the Republic and GB.
“In the last 16 weeks alone our trade finance loan book has doubled, with the support of our new partners,” she said.
She said the the company expects to increase its staff complement by 25 per cent over the next year and sees major potential for expansion south of the border.
“As a result of the uncertainty around Brexit, banks are continuing to take a conservative view on lending.
“Our mission is to get cash into the hands of financial directors and managing directors to enable them to do the deals that are right for their businesses and to benefit from whatever terms they can negotiate as a result of being able to pay quicker.”
Upstream sales director Alan Wardlow added: “At a time when other funders are battening down the hatches, we are committed to rapidly expanding our presence across these islands by offering solutions to SME and corporate clients right across the spectrum of industry sectors.
“We believe we are providing customers with working capital products that the other banks and funders simply don’t offer, with individual funding lines up to £2.5m and potentially well beyond in the case of acquisition funding.”
