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The Institute of Financial Accountants (IFA) has announced a new partnership to provide capital support for SMEs.
The professional accountancy membership body has partnered with White Oak, one of the largest FCA regulated non-bank lenders in the UK. The agreement will enable IFA members – SME accountants – to support their clients with access to non-traditional routes of funding through White Oak’s portfolio of lending products.
The solutions will support all aspects of SMEs’ finance needs in excess of £25,000, providing VAT, tax and working capital loans, asset and invoice finance, as well as asset-based lending.
John Edwards, CEO and Group Executive International of the Institute of Financial Accountants (IFA) said: “SMEs often struggle to secure lending via banks, so it’s important to have access to the right expertise they need through an alternative, recognised lender. Accounting practitioners who support SMEs are great advisers to businesses and need to be able to direct to alternative options, where their clients seek or require funding.
“Our new partnership with White Oak will provide members with a raft of support, advice and alternative options geared towards their clients’ specific financing requirements. Leveraging White Oak’s industry experience, stemming back almost 40 years, means we are highlighting our commitment to provide the very best support and guidance to our members, frequently tailoring policies and recommendations to meet the unique challenges and trading relationships associated with smaller business.”
He added: “This partnership underpins our core values created to continuously meet the needs of SMEs within the UK and throughout the international market by offering a range of relevant and innovative services and benefits that have been specifically chosen as part of our focus on supporting our members within the SME/SMP sector.”
Christian Elson, head of Strategic Origination Partnerships at White Oak UK, said: “We are pleased to be partnering with the IFA and look forward to supporting even more SMEs with fast and flexible funding solutions. In uncertain times like these, SMEs need support more than ever. While other lenders have started to pull back, at White Oak, we’re committed to helping businesses fuel their ambition and reach their full growth potential, even in testing times.
“Working closely with the IFA will help us to deepen our partnerships with expert accountants across the country so they can bolster their service offering to clients and we can reach even more businesses with tailored solutions to suit their specific financing needs. We’re primed to support the IFA’s client base with the funding they need to thrive and look forward to continuing to drive growth for small businesses nationwide.”
