Snowball Alternative Finance says there is significant interest in its services, evidenced by a deals pipeline worth in excess of £70m.
The company which launched in January this year having received FCA approval, and recently became a Member of the NACFB is on track to smash its first-year target of £100m in deals as the desire in the business community for alternative forms of finance continues to rise.
Peter Black who heads up the new company is a former senior banker and is well placed to understand how the lending market has changed over recent years. Commenting on this he said, “The banks lost their appetite for lending following the financial downturn and this has had a major impact on small and medium sized trading and property businesses who are looking to grow.
“Alternative finance options, of which there are many, have filled the gap and are enabling businesses to achieve their growth or expansion aspirations.
“We are currently talking to companies in a range of sectors including property development and management, manufacturing, financial services, transport and e-commerce.
“We recognise that there is still a huge education piece to be done on the options that are out there.
“So many people think it’s just crowdfunding as that particular route has been the most talked about. But there is so much more, including unsecured loans, EIS funds, asset-based lending, trade finance and growth funds, as well as providers of bespoke facilities to meet specific business and property needs. There are now more than 300 players in this market”
Snowball Alternative Finance’s business model is a bit different to the norm in that they do not take commission from lenders and this makes them truly independent.
Working alongside Black is entrepreneur, Alwin Thompson, who brings a wealth of business experience to the team. Speaking about the year ahead, Thompson said, “What has become clear in the early days of Snowball is that businesses need advice as well as financial support and we are well placed to offer both.
“We see ourselves as partners and advisors to our clients and in the majority of instances are offering business planning advice.
“For Snowball it’s looking very much like right time, right place and we are looking forward to a brilliant future.”