ALTERNATIVE LENDER OF THE YEAR


Sponsored by:


Winner: BOOST&Co


Agile and aspiring businesses need appropriate funding – not least for dealmaking – and the finance sector has responded to that demand, mirroring today's business approach by offering a wider, more innovative range of funding options and financial solutions.


Whether it is crowdfunding for a startup, or invoice finance to aid cashflow, or asset-based lending for growth or M&A, the traditional debt- based sources of funding now have more competition within the funding arena.


Alternative lending has well and truly ‘come of age'; a fact highlighted by the inclusion of this award category in the Solent Deals Awards.


There were three finalists shortlisted for the title; BOOST&Co, Leumi ABL and MarketInvoice.


BOOST&Co creates growth loans and venture debt solutions for SMEs. The independent firm says it has no fixed lending model; every solution is bespoke. BOOST&Co was one of a group of lenders to back the Bowman Power Group funding round.


Leumi ABL, the asset-based lending subsidiary of Bank Leumi, helps growing companies across the Solent region – with Jonathan Hughes actively writing mid-market and big-ticket invoice discounting business in the area, and being regularly involved in dealmaking in the south.


MarketInvoice is a selective invoice financing facility now available to Solent companies. Promoted as a new way for SMEs to improve cashflow, the peer-to-peer lender has funded £740 million of invoices so far.


This category was sponsored by solicitors Coffin Mew and the firm's partner Nick Gross announced BOOST&Co as the winner.


businessmag.co.uk


Afterwards BOOST&Co partner Lance Mysyrowicz said: “Awesome. We are delighted with this award and would like to thank Bowman Power Group for nominating us.


“We have worked hard to find quality opportunities to provide growth lending to companies in the Solent area and are delighted that we were able to fund Bowman Power last year.


“We look forward to our continued development in the region and wish all of the finalists the same success in 2016.”


BOOST&Co differs from other lenders in significant ways. Firstly, it is focused on lending to UK high-tech and high-growth SMEs, normally much earlier in their business lives than the banks, explained Mysyrowicz.


When compared to equity funding, growth capital is cheaper, and does not incur loss of company control either financially or in decision-making terms.


BOOST&Co usually finances between £2m-£8m per SME. Its loan pricing varies by deal, but it is always through an agreed up-front fee, interest on the loan, and some upside participation such as equity or warrants.


The main advantage of BOOST&Co is that it makes its mind up faster than the more traditional funding sources, says Mysyrowicz, so making it quicker for an SME to raise funds.


The funding process of growth capital usually takes two to three months – as opposed to three to six months for bank debt and six to 12 months for institutional equity.


So, SME growth and scale-up initiatives can kick-off fast, with less management time taken away from the job of running and growing the company, he added.


THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – JULY/AUGUST 2016


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