Funding Circle Peer-to-Peer Lending Platform
19 Feb 2016
Raising money can at time be a very daunting process. Banks are not lending to small businesses and this has caused a huge gap in the market. This gap has been filled in by various operators and you can refer to my other article titled ‘funding for small businesses’ but in this article I wanted to cover our latest partner ‘Funding Circle’.
Funding circle really has gone the extra mile and reinvented the concept of lending (at least in the 21st Century in the UK) if not in the past or in other countries. Using funding circle businesses can borrow money from individuals. Not to be confused with crowdfunding, Funding Circle is a peer-to-peer lending platform where loans are often funded by a number of different people and in the case of funding circle you’ll also have your loan funded by local councils, Huddersfield University and the Government-backed British Business Bank Programme. These loans are then paid back like a simple bank loan with interest.
Funding circle have cut out the complexity and hassle, creating a range of highly flexible loans to suit your clients’ needs. Whether it’s for cashflow, asset purchase, expansion plans or a wide range of other reasons, funding circle can help with loans from £5k – £1 million (and up t o £3 million for property finance).
There are minimum requirements but they are not massively limiting:
- Minimum 2 years’ trading history. With at least 2 full years of filed (if limited company) or formal accounts if a sole trader/partnership
- Minimum £50k turnover. Profitable with stable or upward financial trends (the last filed accounts or most recent P&L should show profits)
- A healthy credit history. UK based. Where the majority of directors are UK residents with good credit history
- No outstanding CCJs
Tax Smart Group work with Funding Circle to help their clients rise money from the platform. As an official introducer registered with Funding Circle we have all the information on the process and the requirements and can help with requirements such as annual accounts, business plan, and any other requirements. Get in touch with us today on www.taxsmartgroup.co.uk or call us on 0330 80 80 840.