Government reveals British Business Bank exposure to new and repeat P2P borrowers
Almost 10 per cent of funding provided by the British Business Bank (BBB) through peer-to-peer lenders has gone to repeat borrowers, the government has revealed.
The data was disclosed as part of a response to the latest parliamentary question from former City minister Lord Myners regarding the BBB’s exposure to P2P loans.
Lord Myners asked whether BBB lending through P2P platforms has increased or decreased over the past three years and what percentage of such loans were to borrowers who had already received funding.
A response on behalf of the government from Lord Callanan showed how small – and medium-sized enterprises (SMEs) have benefited through the British Business Investments programme from BBB.
“The value of new loans extended by the BBB sourced through P2P lending platforms has increased year-on-year over the past three completed financial years,” he said.
“Over the three year period, of the 15,420 distinct SME customers that have received financing through the P2P delivery partners of British Business Investments, 9.36 per cent have been to repeat P2P customers.
The BBB has previously channelled funds via P2P platforms RateSetter and Funding Circle, as well as former P2P platforms ThinCats.
Read more: British Business Bank extends funding programme to P2P lenders
