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Peer2Peer Finance News | August 24, 2019

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Growth Street revolving credit loanbook hits £450m

Growth Street revolving credit loanbook hits £450m
Marc Shoffman

GROWTH Street investors have backed £450m of revolving credit facilities, the peer-to-peer business lending platform has revealed.

The platform said it has provided £80m of funding since launch in 2014, with £30m still under management.

These numbers only include the initial 30-day revolving credit line that is provided to borrowers through the platform’s GrowthLine product.

The total value of Growth Street’s loanbook is £450m once monthly rollovers are factored in.

It comes as Growth Street has been boosting its regional presence in areas where it feels small- and medium-sized enterprises (SMEs) are underserved such as in the West Midlands and Wales.

Read more: Growth Street calls for “passable” Brexit plan

Read more: Growth Street addresses liquidity demand after student feedback

“This is an incredible milestone for Growth Street, and one that we will continue to build upon,” Greg Carter (pictured), chief executive of Growth Street said:

“We are determined to plug the funding gap left by high-street banks who are unwilling to fund the UK’s growing SME population, and today’s announcement shows we are making real strides towards that goal.

“When I talk to SME business people across the country, one of the greatest finance challenges they face is the rigidity of normal bank loans – this is where GrowthLine comes in. It provides businesses with an opportunity to consolidate their existing loans while borrowing what they need to grow sustainably.”

“It’s great to see that UK SMEs are looking ahead of Brexit and seeing the opportunities available to them. I’m very proud of our team and look forward to celebrating our next milestone.”

Read more: Growth Street secures £7.5m of financial backing