Funding Circle powers past £70m

The business, which was recently awarded £20 million of Government funding, provides much-needed access to finance for growing small businesses, at a time when banks are reluctant or unwilling to lend.

According to Laura McMullen, Business Development Director at Funding Circle, the business arranged more loans in the final quarter of 2012 than the whole of 2011 combined and is growing at 300% per year. Funding Circle is on course to facilitate more than £100 million of loans in 2013.

She said, “We are delighted to have reached £70 million in lending, much of which was completed in 2012. We have seen a strong increase in demand for our products in the intermediary market, and, with £20 million from the Government to be lent on the platform we look forward to assisting even more businesses in 2013."

Since it launched in 2010, Funding Circle has been growing its presence in the business loans market and is currently facilitating more than £1 million of loans per week. As well as unsecured loans and asset financing, Funding Circle offers loans up to £500,000 for any purpose.

Funding Circle was recently named Moneynet's Best Business Finance Provider of the Year for 2013 and has been shortlisted for Alternative Lender of the Year at the Business Moneyfacts Awards.