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
Samir Desai 1
April 17 2020

Funding Circle becomes first approved P2P CBILS lender

Marc Shoffman Industry News, News, Top 3 British Business Bank, CBILS, coronavirus, coronavirus business interruption loans, Funding Circle

Funding Circle has shifted its focus as it becomes the first peer-to-peer lender to be accredited under the Coronavirus Business Interruption Loan Scheme (CBILS).

The platform said it will pause all non-CBILS lending from retail and institutional investors to concentrate on supporting the government programme until further notice.

It has been approved to provide term loans to borrowers that will be funded by Funding Circle and a combination of new and existing institutional investors.

Read more: Funding Circle approved for US loans package

An update from the P2P business lender said retail investors cannot back the loans but will continue receiving repayments from existing borrowers with funds returned on a monthly basis.

The lender also said it has withdrawn its financial guidance for 2020 due to increased uncertainty in the market but remained focused on profitable growth.

“Small businesses are the heartbeat of our economy but many find themselves in need of financial support during this time of crisis,” Samir Desai (pictured), chief executive of Funding Circle, said.

“Funding Circle is uniquely positioned to use its advanced technology, risk and data analytics platform to help distribute funds to small businesses during this time of crisis.

“We stand ready to play our part now we have been accredited to both the UK and US government small – and medium-sized enterprise lending programmes.”

Keith Morgan, chief executive of the British Business Bank, said Funding Circle will provide more capacity, more choice and “most importantly, vital funding for smaller businesses across the UK.”

Other P2P lenders such as Assetz Capital and JustUS are still waiting on their applications.

Read more: P2P lenders hope to meet coronavirus business loan criteria

Proplend outlines plans to launch CBIL IFISA Orca Money to wind down

Related Posts

investors clash

Industry News, News, Top 3

Relief and frustration at absence of P2P and fintech in the Budget

Pavel Klema

Global News, Industry News, News, Top 3

Bondster names new chief executive

Fintech. Financial technology text on virtual screen. Business, internet and technology concept.

Industry News, News, Top 3

Fintech lending can solve financial exclusion

Popular posts:

  • Chancellor unveils recovery loan scheme
  • The House Crowd goes into administration
  • Budget outlines plans for £15bn of green bonds in 2021
  • Sunak to announce stringent CBILS successor scheme
  • FCA warns The House Crowd investors against using…
  • BBB sets out further details on recovery loan scheme
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