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Researchers at Nesta and the University of Cambridge have contacted us asking for our lenders to take part in the next phase of its landmark research.
The two minute survey will ask about lending habits and preferences.
These reports are used by regulators and policy makers, so it’s your opportunity as the early adopters to let influencers know the good and the bad aspects of lending to businesses and individuals.
For example, we’ve been asked many times about off-setting losses against tax and there is an opportunity to include that sentiment here.
We’ve contributed our own loan data to the research as well as a platform’s perspective alongside other well-known operators, so we’re confident the research will be very insightful when it is published in September.
And if you do need an extra incentive, there will be iPads given away be the researchers!
Rob Star cut his teeth in the 90s rave scene, organising nights for legendary promoter, Universe among others. Ensuring that people have a good time is in his DNA, so it’s no surprise to see his Electric Star venture going from strength to strength.
Rob Star (right) with Nick Moules of rebuildingsociety
His fourth pub, The Jackdaw and Star in Homerton, East London, is set to open later this summer and the extensive refurbishment to keep the pub in tune with the Electric Star brand has been funded by rebuildingsociety’s lenders to the tune of £43,000.
Featuring a copper bar and chandeliers to give it a high end look and feel, The Jackdaw and Star will join The Star of Bethnal Green, The Star of Kings and The Star at Hackney Downs in the Electric Star portfolio.
Rob concentrates on providing an experience for customers. He acknowledges the impact of economic pressure on their spending power, but believes if someone truly wants to go to the pub for an evening they will find the money.
What has definitely changed though is people viewing a trip to the pub as a treat, so Rob has adapted. He offers cask ales and franchises his kitchens out to people passionate about their food, typically chefs with a pop-up restaurant or plans to establish one. It gives them a low barrier to entry and chefs typically stay for 3-6 months, ensuring a healthy churn in the style of food available to customers.
A pub group has turned to peer-to-business lender Rebuildingsociety to help it develop its fourth site.
Electric Star is to open The Jackdaw and Star in Homerton, east London, later this summer after receiving a £43,000 loan to cover the cost of the refurbishment.
Rebuildingsociety works by allowing hundreds of individual lenders to pledge varying amounts towards a loan request posted on its website. It administers monthly capital and interest repayments on behalf of its borrowers.
So far over 60 loans, totalling more than £3million, have been created by Rebuildingsociety for firms in a variety of industries across the UK.
Electric Star also operates The Star of Bethnal Green, The Star of Kings in King’s Cross and The Star by Hackney Downs.
Rob Star (pictured right), owner of Electric Star, said: “I’ve always had a strong relationship with my bank, but the last time I went for a loan, it took them five months to turn me down.
“With Rebuildingsociety it was less than four weeks from our initial application to receiving the cash in the bank, and I’ve raised awareness of our business to hundreds of potential customers.”
Throughout the loan process, Rob interacted with members of Rebuildingsociety’s lending community, who wanted to find out more about Rob’s business plans and financial projections.
“I enjoyed answering questions about the business,” he added. “It made me think hard about certain aspects and was a valuable exercise. We believe we’re doing the right thing in a changing market.
“People want an experience now, not just a pint. We’ve embraced this by franchising our kitchens to chefs who are passionate about their food, which combined with our penchant for craft beers and a packed events schedule is really appealing to people in east London.”
Nick Moules (pictured left), marketing manager at Rebuildingsociety, said: “Our lenders could see the clear growth trends in Rob’s business. He now has hundreds of new stakeholders with an interest in the success of his business.
“When Rob expands again, he will probably have a crowd of lenders ready to help him achieve his plans. We believe there is true value in raising loans from individuals ahead of the banks, and by that we don’t just mean the faster turnaround, competitive rates and waived repayment charge that we offer.”
Control your finances this summer
Getting away for a few days can seem like a wonderful treat at this time of year – the business event calendar retires until the autumn and recharging your batteries can give your business vital impetus for the remainder of the year.
However, your finances won’t take care of themselves during this period. Employees will go on holiday and not all of them will be contactable, customers might be away and delay paying your invoices, while at the same time your bills need to be paid.
A peer-to-business loan from rebuildingsociety could be what you need…
What we’re seeing more of on our platform is businesses capitalising on our speed (2-3 weeks from application to drawdown vs months at your bank) and our waived repayment charge to quickly arrange loans for short-term borrowing. Other typical uses include additional stock purchases, working capital and debt consolidation.
There’s not much we can do about the stifling heat if your office air con breaks, but we can help you keep your business on track over the summer with a loan from £25,000 upwards.
BidPal will work here…
Wherever you’re going this summer, you can stay in touch with developments on rebuildingsociety through the site on your mobile or tablet. We’ll be working away so you’ll still get your weekly updates and the Marketplace will continually feature new loans.
However, if you’re going for a real break in 2014, because there’s WiFi on the most remote beaches, you’ll probably want to leave your phone packed away and enjoy the peace. If that’s you, then BidPal is what you need.
If you haven’t configured your settings yet, or you haven’t recalibrated them for a few months, follow this link and be assured that as your funds are returned to you through repayments, your cash isn’t taking a breather too.
Recently, Ratesetter became the first platform worldwide to be independently risk-rated.
It has been awarded a rating of 1 by the research agency, FE, which means it is considered low risk and investors can expect a steady return on their cash.