Funding Circle Breaks £100m Small Business Loans Barrier

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Nick Moules
30th April 2013

The UK SME business loan market has seen a phenomenal transformation in the past two and a half years, thanks in no small part to the ambition, skill and marketing power of Funding Circle. It has passed the £100m milestone and lends over £1m a week now.

Funding Circle has done much to bring the market into the consciousness of business owners across the UK and its successful penetration of the commercial finance broker market has enabled it to scale rapidly. Support from credible new players like ThinCats.com, Assetz, Funding Knight and rebuildingsociety.com has pushed momentum forward and helped to spread the word.

Such has been the attraction of the market for generating SME loans, that the Government is actively supporting the major players and encouraging businesses to look at non-bank funding.

On the outside, people might wonder why rebuildingsociety.com is plugging its principal competitor, but that’s just one way of looking at it.

We see it as beneficial for everyone involved in the industry to grow the overall size of the market. Our competition is really other sources of finance (like bank overdrafts or invoice discounting), or businesses deciding not to raise finance at all because they don’t feel confident enough to secure it. That needs to be challenged.

As a collective, established operators in this market should be passively promoting the competition because it increases awareness among UK business owners – arguably the biggest barrier to generating the next phase of demand, which will facilitate further growth of the whole market.

 

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