The former head of real estate at Funding Circle has secured up to £50m in institutional funding to offer the coronavirus business interruption loan scheme (CBILS) via alternative lender Merchant Money.
Luke Jooste was at Funding Circle for four years, before leaving in July of last year to serve as chief executive of CBILS accredited Merchant Money.
The lender will use the funds – provided by a UK-based specialist credit fund – to assist both new and existing small– and medium-sized enterprise (SME) borrowers across their alternative finance product range, including CBILS loans.
“I’m immensely proud of our team, we’ve worked hard during this incredibly difficult operating environment to become CBILS accredited and now to secure this new line of funding, it was critical to our business,” said Jooste.
“This funding line means we’re now in a strong position to provide the much-needed short-term liquidity that viable businesses need to survive the pandemic and financial fallout that they have faced as a result.
“SMEs are the cornerstone of the economy and, with our help, they will continue to provide jobs and contribute to what we believe will be a sustained economic recovery.”