LDF Group (LDF) has written £1bn total in lending on its own book since 2014, the funder has said.
LDF Group’s customer to take them across the £1bn threshold was Ian Hamilton from Stewarton-based Lainshaw Farm Eggs, a family-owned egg wholesaler supplying to customers across Scotland.
Peter Alderson, LDF managing director, said: “In the past, SMEs and start-ups would have seen their banks as the primary source of finance solutions – but times have changed as alternative lending becomes increasingly mainstream.
“In 2017 we provided £511m to UK businesses – a 32% rise on the previous year. This year we have broken through the £1bn mark [total] and we expect to be lending £1bn-a-year to UK small businesses by 2020.”
In April LDF Group announced its acquisition by US-based White Oak. The acquisition was for an undisclosed amount, and is seen as a method for White Oak to expand into the European market.
Alderson said: “Our new ownership brings a great deal of added benefits to our customers, such as increased levels of funding and access to an enhanced level of financial products and these will be a critical factor in us reaching the £1bn per year by 2020.
“There’s still a real gap in lending to small businesses and this can be a barrier for many business owners. We’re committed to driving a change here, in both access to finance and speed of service.”
Peter Alderson spoke to Leasing Life in January, about LDF Group’s approach to SME financing.
Established in 1986, LDF Group was founded in 1986, and currently has over 10,000 clients across a wide range of industries. LDF employs 220 people and is headquartered in Ewloe, Wales, with four additional offices in Stewarton, Manchester, London and Southampton.