Funding Circle is now lending on average over £1 million per week.

The online lending platform, which matches private investors with businesses looking for funding, also said its gross lending has now exceeded £40 million.

Funding Circle is now developing its proposition through the intermediary market.

“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,” explained Laura McMullen, head of business development.

“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.

“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.”

the platform is a Patron of the National Association of Commercial Finance Brokers (NACFB). Adam Tyler, chief executive of the NACFB, said: “t is encouraging to see the success that Funding Circle is enjoying with its professional proposition for business lending.

“At a time when SMEs 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.”