The information below only applies if a member refers a client to the IAB Funder Finder Platform and as a result they successfully gain funding. Please note if a member uses the platform for their own needs and receives funding as a result then they will not receive a share of the referral payment.
Members are only able to introduce clients by setting up a sub-account via the IAB’s main account with Funder Finder Limited. Referrals can only be accepted this way.
The IAB has entered into an agreement with Funder Finder Ltd under which the IAB will be paid 50% of the fee generated from a referred client who enters into a transaction with a finance provider, this referral fee is at no extra cost to the user. The IAB will then split the amount received equally with the member who has referred the client, so the member will receive 25% of the fee generated.
Funder Finder Ltd will display within the platform per calendar month a list of sub accounts who have received funding and the overall referral fee earned per sub account. It will then be paid into the IAB’s account. At this point if the referral fee is in relation to a client who has been successfully referred, then the IAB will contact the member who referred the client confirming how much money is due to them and asking them to provide their bank account details so the amount can be paid straight to them.
* Funder Finder Ltd (Company number 10670442), provides the engine powering Alternative Business Funding Limited – ABF (https://www.alternativebusinessfunding.co.uk, Company number 09044377). ABF has been approved as a designated referral platform by HM Treasury. Funder Finder Ltd is on the Financial Services Register under reference number 774856 and Alternative Business Funding Ltd under reference number 719957.
Terms and conditions:
- The IAB actively promotes the IAB Funder Finder Platform but accepts no liability in relation to this.
- For members to refer clients and have their own sub-account they need to contact India Lewis at Alternative Business Funding: email@example.com or 01275 404240. Members will then be guided through the process and India will provide the documentation to complete. The sub-account will then be created and members will have their own URL and platform so they can see only their referrals and manage their account content and details. Funder Finder will provide members with a side letter stating all payments will be handled by the IAB.
- Members must contact India Lewis to set up their sub-account of the IAB’s main account with Funder Finder. This enables the referral to be tracked back to the IAB. Referrals will only be accepted in this way.
- Once the sub-account is in place members can then refer clients. The client will need to answer the questions on the platform in relation to their funding requirements. Once all the questions have been completed, the potential finance options will then be listed and the client can select the funders to approach based on the match requirements.
- The finance providers selected are then presented with the client’s anonymous information and will make a decision about whether to accept or reject the application.
- If the application is rejected the client will have the option of returning to the Funder Finder platform and applying to an alternative funder or discuss other options.
- If the application is accepted the finance provider will be presented with the client’s contact details and will then be in contact with the client. At this stage the client may be asked to fill in a funding application directly with the provider. Funding will then either be approved or declined.
- If it is approved then the client will receive the funding.
- Funder Finder Ltd will display in the platform a list of members’ sub accounts who have received funding and the referral fee earned per sub account. This will be paid into the IAB’s bank account under the Introducer Agreement in place between Funder Finder Ltd and the IAB. At this point if the referral fee is in relation to a client who has been successfully referred, then the IAB will contact the member who referred the client in relation to the following:
- Confirming the referral fee due to the member
- Requesting the member’s bank account details so the amount can be paid to them.
- The payment made to the member is a one off payment and will be paid within 28 days of the IAB receiving the bank account details from the member and the payment being received from Funder Finder Ltd.
- If members use the IAB Funder Finder Platform for their own needs and receive funding as a result then they will not receive a share of the referral payment.
- Should the Introducer Agreement between Funder Finder Ltd and the IAB be terminated at any point in the future then access to the IAB Funder Finder Platform will also be terminated.