01 August 2023
Two fifths (40%) of SME leaders considered exiting their business in the past as a result of the impact on their mental health
For 88% of SME leaders mental health is an area of focus in the next 12-18 months
Offering more support, Funding Circle borrowers can now receive free access to the NHS trusted app, Thrive Mental Wellbeing
In a new partnership between the charity, Thrive Mental Wellbeing and the UK’s largest small business lending platform, Funding Circle, small and medium-sized enterprises (SMEs) across the UK will receive free mental health support.
In April 2023, Funding Circle’s Resilience in Small Business Report showed that prioritising wellbeing is vital to flourish as a small business, with business leaders taking different approaches to improve mental health, including through therapy sessions. These are substantially more common amongst younger leaders, with one in five (21%) 18-24s having used therapy sessions compared to no one (0%) over 65. The data also highlighted that although 40% of SME leaders have considered exiting their business in the past as a result of the impact on their mental health, two thirds of SME leaders say they now have good mental health.
88% of SME leaders say that mental health is an area for focus in the next 12-18 months, so Funding Circle is now providing even more support to its small business customers. By teaming up with Thrive Mental Wellbeing, an app trusted by the NHS, small business leaders and their employees will get free help with their mental health.
This support includes:
Free access to the Thrive Mental Wellbeing app for Funding Circle customers for 12 months.
Free access to the Thrive Mental Wellbeing in-app therapy service for Funding Circle’s most vulnerable customers, providing therapy wherever, whenever and for as long as needed.
Funding Circle is also offering SMEs nationwide an exclusive discount on access to the Thrive Mental Wellbeing app, to help more small businesses to give their employees the mental health support they need.
Alexander Allen, UK Managing Director at Funding Circle, said, “Setting small businesses up for success is at the heart of what we’re here to do at Funding Circle. In our report earlier this year, we learnt about the challenges small businesses were facing, and in particular, the importance of mental health and wellbeing. So to help address this, we are excited to team up with Thrive Mental Wellbeing to offer small businesses and their employees free support, to help them succeed and become more resilient.”
From meditation and deep muscle relaxation to cognitive behavioural therapy and mood journals, Funding Circle believes every small business will find valuable, convenient and affordable mental health support through the Thrive Mental Wellbeing app.
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Notes to editors
In partnership with insights consultancy Savanta, 1,200 small business leaders were surveyed through November and December 2022.
The full report is available to download here.
For more information
About Funding Circle
Funding Circle (LSE: FCH) is a lending platform for SME borrowers. Established in the UK in 2010, and now the leading lending platform to SMEs, the Group also has a material and growing presence in the US. Globally, Funding Circle has extended more than £15bn in credit to c.135,000 businesses.
For SME borrowers, Funding Circle provides an unrivalled customer experience, delivered through its technology and data, coupled with a human touch. Its solutions continue to help customers access the funding they need to succeed. For institutional investors, Funding Circle provides access to an alternative asset class in an underserved market, and delivers robust and attractive returns.