Legion Trade Finance signs up to Funding Options portal
Legion Trade Finance (“Legion”) has joined the www.fundingoptions.com portal, which helps UK businesses to access business loans and manage their cash flow.
Legion - which offers structured trade finance solutions including paying suppliers direct, loans and letters of credit - has become the latest organisation to join the portal, which has worked with more than 50 non-bank lenders in the past year.
The many millions in finance raised through www.fundingoptions.com during the last year is already known to have saved or created more than 100 UK jobs.
Recent research from HM Treasury and BIS found that 60 per cent of first-time SME borrowers were rejected by their bank, and many did not consider alternative funding providers. It says that these non-bank funding providers are more likely to lend to these SMEs as they have a different risk appetite to the banks.
Mike Yiannis, CEO, Legion Trade Finance, said: “Alternative funding is steadily moving into the mainstream and signing up to the Funding Options portal is a logical step for us. The timing also coincides with the positive signals being sent out by the
Government and the imminent introduction of its bank referral legislation via the Small Business, Enterprise and Employment Bill.”
Conrad Ford, managing director of www.fundingoptions.com, added: “We are delighted to have Legion Trade Finance on board at such a critical time for the non-bank funding sector. Legion is a well-respected name in the sector and its participation will provide even more choice to SMEs seeking funding.”