Funding Circle, the online lending platform which matches private investors with businesses looking for funding, has announced a new milestone with gross lending having exceeded £40 million and average weekly lending now over £1million.
Funding Circle, a Patron of the National Association of Commercial Finance Brokers (NACFB), has started to develop its proposition through the intermediary market. According to Head of Business Development, Laura McMullen, Funding Circle is proving popular with businesses and their advisers as a welcome change from the lack of conventional funding and long winded and outdated processes.
She said “We are encouraged that our ground breaking proposition is finding favour with professional advisers, whose clients are tired of the attitude of some traditional lenders. It can take more than three months in some cases for a bank to approve a business loan, which in today’s climate is simply unacceptable. Businesses require access to fast and convenient finance and as our introducers are finding out, loans through Funding Circle have, in some cases, been completed within a few days of application due to our unique online process and the appetite of our investors to fund good, solid enterprises.”
Laura added, “Small businesses are the engine of the economy. For the UK to emerge from this recession these businesses require access to funding for growth and development. As more professional advisers are finding, we are removing the barriers to fast and convenient funding for small businesses across the UK.”
Adam Tyler, Chief Executive of the NACFB, said, “It is encouraging to see the success that Funding Circle is enjoying with its professional proposition for business lending. At a time when SME’s are looking for alternative sources of funding, it is clear that innovation and new thinking like this is helping to provide our members with a valuable new lending source for their clients.”