Banking News

UK government to boost SME lending through P2P

UK government to boost SME lending through P2P

(28 November 2018 – United Kingdom) The British government, through peer-to-peer lender Funding Circle, will fund £150 million worth of small business loans to support small businesses realise their full potential.

The £150 million would be equivalent to about a quarter of Funding Circle’s loan originations over its most recent quarter and will almost double the amount the government has lent through Funding Circle since 2013.

The British Business Bank, a government-funded development bank, said the loans will benefit more than 2000 UK firms.

Kelly Tolhurst, small business minister, said: “small businesses are the backbone of our economy, and ensuring we cement our status as one of the best places in the world to run a business is fundamental to our modern Industrial Strategy . . . this British Business Bank commitment through Funding Circle will give small businesses across the country the option of peer-to-peer lending to help them realise their full potential.”

Sachin Patel, Funding Circle’s chief capital officer, said: “The UK government, through the bank, has been a pioneer of innovation within the FinTech industry and we look forward to continuing to work together to support the growth ambitions of even more small businesses across the country.”

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