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Introducers are now able to manage multiple lending applications from the same account.
Recently we’ve started to win repeat business from introducers and sometimes more than one application from the same introducer is live on the marketplace. We want to make securing finance for our introducers’ clients as easy as possible and will be making further improvements in due course.
We’re always open to good suggestions for improvement. If there is part of your experience that you think can be improved, please contact support@rebuildingsociety.com
From the Financial Times 22/10/13:
Non-bank lending to small businesses has hit a five-year high, as more enterprises turn to alternative sources of credit such as peer-to-peer lenders and invoice financing.
With traditional bank lending in its fifth year of decline, the UK’s commercial finance brokers say they have arranged £10.5bn of credit for small and medium-sized enterprises in the past year. This marks the highest figure since 2008 and an annual rise of 17 per cent.
Meanwhile, asset-based lenders, who advance money against equipment or invoices, also reported their biggest annual total since 2008, rising 10 per cent to £17.4bn in the year to June.
The data, from industry associations, highlight the shift away from traditional bank lending to small business, which has shrunk by a quarter since 2011. SME funding through leasing and asset finance has more than doubled in the same period, according to the National Association of Commercial Finance Brokers .
Its members also arranged £501m worth of loans through innovative channels such as peer-to-peer lenders, which match individuals to companies that want to borrow, a rise of 80 per cent.
For the rest of the story, please visit http://www.ft.com/cms/s/0/4d3a0830-3738-11e3-9603-00144feab7de.html?siteedition=intl&siteedition=uk#axzz2iR7IND4l
Anyone who saw last night’s Panorama (8.30pm, BBC1) would have felt incredibly sorry for the featured business owners whose lives have been ruined by the banks which sold them interest rate swaps alongside business loans.
Business owners are many things, but they are certainly not all financial masterminds and the interest rate swap (there was even a £4.5m swap arranged over the phone while an owner was driving his car) is not a straightforward product. One owner of a children’s playschool in Wales admitted being very risk averse and would not have bought a product that exposed the business to the tune of £100,000.
That’s what he got though. Several years later and having suffered medical problems because of it, the business is just about scraping by and talks are ongoing about redress.
It will never happen with a bank of course because they’re not set up to work that way, but it doesn’t mean other loan providers won’t.
rebuildingsociety.com believes in paying interest for a service above and beyond receiving a loan. Our lenders understand the connection between a thriving SME community and the overall health of the UK economy and are prepared to lend to businesses to support that – they’re also happy to passively support the businesses they lend like this:
– Engaging on social media, following and re-tweeting to spread awareness of your company
– Recommending the business to others
– Becoming a customer
– Introducing potential clients / suppliers / job candidates
– Offering professional help
Click here to read the article
Gavin Armstrong of GRA Project Management Ltd has been interviewed by the Financial Times for a piece about peer-to-peer lending.
It’s a great story, Gavin’s £50K loan has allowed the company to boost turnover significantly and he has made all his repayments in time.
In fact, GRA Project Management Ltd plans to apply for another loan shortly – look out for this opportunity.
rebuildingsociety.com founder Daniel Rajkumar was also interviewed and Suleman Akhtar, a current lender explained why he is backing the industry.
You can read the full article here (you must have a basic FT subscription to view the article, but these are free).
On 1st October Julian Wells, marketing director at rebuildingsociety.com, spoke on this topic at the Financial Services Expo in London. Here’s a summary of what was covered.
It took commercial television 13 years to achieve 50 million subscribers. Internet Service Providers reached the milestone in 3 years, Facebook in 1 year, and Twitter took just 9 months. The pace of uptake of new technology has accelerated phenomenally and this has been fuelled by the introduction of ‘social technology’