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Peer2Peer Finance News | March 26, 2019

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Growth Street plans to lend £50m to SMEs in the Midlands

Growth Street plans to lend £50m to SMEs in the Midlands
Marc Shoffman

PEER-TO-PEER business lender Growth Street has pledged to channel £50m to small- and medium-sized enterprises (SMEs) in the Midlands over the next 12 months.

The announcement is part of the platform’s plans to target several key sectors in 2018, including manufacturing, wholesale and professional services.

“The Midlands is a UK manufacturing powerhouse, and we want to ensure that SMEs from Birmingham, Coventry, Wolverhampton and beyond are able to fulfil their potential with an investment boost,” said chief executive Greg Carter.

Read moreGrowth Street snaps up 1,000 investors

“UK SMEs are working in uncertain times. With Brexit fast approaching, we believe that more than ever businesses need access to flexible finance, which can help mitigate risks as well as allowing fast-moving businesses to take advantage of opportunities.

“At Growth Street, we’re on a mission to not only give businesses access to this finance, but to provide the tools that will help take growing manufacturers in the Midlands to the next level.”

Read more: Growth Street sees strong demand from millennials

Growth Street’s flagship product is Growthline, which is a flexible solution that allows companies to access capital when they need it and make repayments as often as they like within their limits.

The alternative business lender said it has now matched £100m of loans between investors and borrowers since launch in 2015.

Read more: Growth Street hires first chief technology officer