27 May 2021
Funding Circle becomes the first lending platform to be accredited under RLS.
Funding Circle, the UK’s largest small business loan platform, has today been accredited under the British Business Bank’s Recovery Loan Scheme (RLS).
Businesses can now apply for a loan through Funding Circle’s website. RLS loans will be offered alongside Funding Circle’s existing commercial loan product.* By combining more than a decade of investment in machine learning technology with dedicated SME expertise, Funding Circle gives borrowers fast and simple access to finance.
RLS will enable lenders to support a wider range of borrowers than would be possible through non-guaranteed lending alone, helping more UK small businesses access the finance they need to grow and power the economic recovery.
We welcome the opportunity to support thousands of small businesses at this crucial moment in the UK’s recovery. Small businesses are the backbone of the economy, and with 70% of our customers saying they require further funding, continued access to finance is more important than ever.
Europe Managing Director of Funding Circle
Funding Circle has played a significant role supporting small businesses during Covid-19 as the third largest provider of finance under the Coronavirus Business Interruption Loan Scheme (CBILS),** which closed for new applications on 31 March 2021. In 2020, lending through the platform is estimated to have contributed £7.5bn to UK GDP and supported 100,000 jobs.***
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Notes to the editor:
*Applicants will be offered the most appropriate loan following credit assessment.
**As of 12 February 2021. Based on value of loans approved.
***Research by Oxford Economics (March 2021): Supporting SMEs through the crisis and recovery: Funding Circle’s 2020 impact, March 2021
For more information:
Funding Circle: firstname.lastname@example.org; +44 (0) 203 667 2245
About Funding Circle
Funding Circle is the UK’s largest loan platform for SMEs and was founded in the aftermath of the global financial crisis, when small businesses struggled to access finance through traditional channels. Ten years later, a wide range of investors have directly lent more than £11.5 billion to approximately 100,000 businesses globally.
RLS is a Government scheme to help UK businesses affected by coronavirus to access finance. Finance can be used for any legitimate business purpose, such as managing cash flow, investment and growth. An 80% Government guarantee is applied to each loan and the business is liable for the full loan amount. Businesses that have received support under existing Government loan schemes will be eligible.
RLS is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS).