Rise in peer to peer lending

Published on

peertopeer

Over 570 businesses across the UK borrowed more than £36 million in the third quarter using peer-to-peer lending.

To cope with the ongoing demand for alternative sources to finance, Funding Circle has announced the further expansion of its business development team. Funding Circle has experienced a record 167% increase in business from intermediaries over 2013.

Laura McMullen, business development director at Funding Circle, said: “As we begin to see early signs of economic recovery in the UK, the Bank of England figures tell us that the banks are still failing to show confidence in the country’s small businesses.

“For the economy to continue to strengthen, it is imperative that finance finds its way to those that will do most to drive future growth and employment.

“Throughout 2013 we have experienced considerable interest from the intermediary market across all our products. As we continue to pass lending milestones, and alternative sources to finance become even more popular across all sectors and regions, we are ensuring we keep up with demand by expanding our team.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Spring surge in property listings creates market opportunities

The average asking price for newly listed properties has risen by 1.1% (+£3,876) this...

Secure Trust Bank Commercial Finance appoints senior portfolio director

Secure Trust Bank Commercial Finance (STB CF) has announced the appointment of Carl Pykett...

Inflation expectations rise slightly as BoE releases latest survey

Public expectations for inflation and interest rates have edged higher, according to the Bank...

£1 billion lost annually as 50,000 London social homes used fraudulently

A shocking new report reveals that around 50,000 social housing properties in London are...

Other news

Spring surge in property listings creates market opportunities

The average asking price for newly listed properties has risen by 1.1% (+£3,876) this...

Secure Trust Bank Commercial Finance appoints senior portfolio director

Secure Trust Bank Commercial Finance (STB CF) has announced the appointment of Carl Pykett...

Inflation expectations rise slightly as BoE releases latest survey

Public expectations for inflation and interest rates have edged higher, according to the Bank...