Crowd2Fund reopens for loan applications
Crowd2Fund has re-opened its platform and is now accepting loan applications after a five-month pause of listing new loans.
The peer-to-peer lender, which paused new listings and its secondary market in April to protect investors and prepare for a post-economic recovery, has now relaunched with a refreshed website and updated credit model.
“After five months of not listing businesses on the platform for new loans, we are pleased and thrilled to inform you that we have re-opened and are now accepting loan applications,” Crowd2Fund said in an email to borrowers.
“We have enhanced our credit policy for a post Covid-19 economy.”
The platform, which had originally hoped for a July relaunch, has previously said that despite not issuing new loans during the Covid-19 pandemic, it has been busy improving and changing its offering.
This included via a full compliance review, focusing on support for active loans to businesses.
At the end of August, Crowd2Fund said it expects to see investors’ earnings maximised once it relaunches the platform.
The platform said this would be because of more businesses making repayments since reopening from lockdown closures and the lender working on the recovery of pre-Covid-19 defaulting loans before they are written off.
Crowd2Fund is also pushing its ‘Reboot Britain’ campaign, saying it would launch as part of the platform reopening, in order to support businesses and the economic recovery.
It is looking to raise £5m from investors that will be matched by the government’s future fund to support its development.
Investors are being offered an annual interest rate of four per cent for backing the campaign.
The lender has previously said it is planning to deploy billions of pounds of private capital for high-growth entrepreneurs and businesses and aims to scale-up to facilitate investment into 3,467 innovative firms annually.
This follows P2P lender JustUs starting to accept investments and list new loans again, after pausing in March due to the Covid-19 crisis.
