Growth Street hits £100m of lending and reports £22m profit boost for borrowers
PEER-TO-PEER business lender Growth Street has reached the £100m lending milestone and plans to lend the same amount over the next 12 months.
The platform, which offers a flexible finance product called Growthline that lets companies access capital when they need it, has also collected accounting data on its borrowers, showing they collectively generated revenues of £212.7m, boasting profits of £22m, in the 12 months to July 2017.
Greg Carter (pictured), chief executive of Growth Street, said the platform was committed to supporting small- and medium-sized enterprises (SMEs) across different sectors and was developing a free automated cash-flow forecasting tool to help owners make smarter decisions.
Read more: Growth Street plans to lend £50m to Midlands SMEs
“At a time when SMEs are under immense economic and financial pressure, we’re proud to have reached the landmark of matching £100m with SMEs,” Carter said.
“SMEs are the heartbeat of the UK economy and it is critical that this hard-pressed segment of the market gets the funding it needs.
“And we’re just getting started. We’re now aiming to deliver another £100m of investment into growing businesses through our platform over the next 12 months.
“We love helping businesses grow. We’re delighted to have been able to give so many ambitious founders and their businesses the tools to drive their success to a new level.”
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