The National Association of Commercial Finance Brokers (NACFB) has revealed that it now works with the direct support of over 820 commercial finance broking firms.
That means around 1,600 individual brokers are now displaying the NACFB logo and membership certificates.
The NACFB also works with 141 lenders and funders to business and this figure has nearly doubled since the previous peak in 2007. It has taken on 10 new lenders since the start of the year, and that is despite turning down over 40 lenders in the last two years because they could not meet or were not ready for the trade body’s entry criteria.
It also says that it is regularly turning down brokers who, for various reasons, fail to meet requirements such as holding professional indemnity insurance, providing suitable references, or signing up to the NACFB’s Unregulated Members’ Agreement in the few cases where Consumer Credit Permission cannot be granted.
NACFB members last year wrote just under £16 billion in new business and this year are on target to match its all-time record £19.1 billion. The 2016 survey figures are due to be published in the first week of September.
Paul Goodman, chairman of the NACFB, said: “The recent surge in growth is testimony to the great work that continues behind the scenes and is confirmation that the NACFB and our members continue to be the place to go for commercial finance.
“There are exciting times ahead as the Association continues to influence the direction of regulatory travel to the benefit of our members, patrons and ultimately UK SME.”
