Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_1413899006
March 20 2020

Funding Circle loan searches up as coronavirus outbreak grows

Marc Shoffman Industry News, News, Top 3 business loans, coronavirus, Funding Circle, SMEs

Funding Circle has reported a “significant increase” in searches for business loans since the start of last week amid the coronavirus pandemic, the peer-to-peer lender has revealed.

It comes as small- and medium-sized enterprises (SMEs) clamour for financial support to get through the uncertainty caused by the coronavirus outbreak.

The platform has told potential borrowers it is still open for businesses and existing borrowers have been told to get in touch if they have been affected by the outbreak and are struggling to repay their loans.

“This is a fast-moving situation and we are working hard to support businesses that have been affected by coronavirus and deliver resilient returns to investors,” a spokesperson for Funding Circle said.

“Search volume for small business loans is up 150 per cent since the beginning of last week and we’ve seen a significant increase in applications to the site.

“We have therefore increased capacity in our front-line teams and for businesses that have been affected by coronavirus, there are a range of potential options we can explore.”

Read more: Funding Circle reorganises European P2P offering amid 2019 revenue boost

Read more: How P2P lenders can slot into government’s SME coronavirus support

The platform has also reassured investors that protecting returns is a priority.

“We have already made changes to our risk models and we’ll continue to closely monitor our credit policies and make further adjustments where necessary to protect your returns,” the listed lender said in a blog post.

“We will provide further information on the work we have done to protect your returns in the coming days.”

Read more: Registrations soar on business funding aggregators as SMEs seek fast finance

Octopus Choice stops all transactions Historic rate cut means more misery for savers

Related Posts

magnifier

Industry News, News, Top 3

Trade association calls for more FCA scrutiny

FOLK2FOLK - Roy Warren MD - head crop (col)

Industry News, News, Top 3

Folk2Folk eyes £100m from institutions as it expands nationally

the acronym fca for Financial Conduct Authority concept represented by wooden letter tiles

Industry News, News, Top 3

FCA to publish initial supervisory work on consumer credit guidance

Popular posts:

  • Chancellor unveils recovery loan scheme
  • Budget outlines plans for £15bn of green bonds in 2021
  • FCA warns The House Crowd investors against using…
  • Government to launch replacement future fund scheme
  • BBB sets out further details on recovery loan scheme
  • Cyan Finance launches IFISA to help investors go green
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by