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Real Estate News Releases
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(EstateNewsWire.com, December 27, 2012 ) England, U.K -- Funding Circle, a UK crowdsourcing lender, will open up £20 million in funds to bolster SMEs across the nation who are struggling to find loans from traditional banks.
The £20 million to be provided to small businesses was given to the lender by the British Government. The initiative, announced on December 13 marks the first time such a generous commitment to small business lending has been seen from London. The £20 million was given to Funding Circle to disperse after it won the contract with the lowest of four bids.
The British Insurers’ Investment Conference Business Secretary announced further plans to make £55 million available to lenders like Funding Circle in order to support SMEs. The £55 million is expected to be matched by the private sector bringing the total alternative loans available to small business owners in near-future up to £110.
The British Government has announced, in related news, an intent to build a £1 billion ‘business bank’ in the next two-years expressly to spur lending to businesses across the country.
Funds will also be made available to Zopa, a peer-to-peer lender, BOOST&Co, a fund management operation, as well as SME financing specialist Credit Asset Management Ltd.
Funding Circle Director of Business Development, Laura McMullen, remarked:
“Not only is this a huge vote of confidence for peer-to-peer lending, it’s a defining moment for the future of small business finance.”
“For too long, British firms have been held back by a banking monopoly, with businesses across the UK struggling to get the finance they need. Today is an important milestone in redrawing the financial landscape to give them a brighter future.”
“Thousands of people are already supporting British businesses in this way and are reaping the rewards. The Government will able to boost their efforts on a substantial scale by injecting money directly into the bloodstream of Britain’s businesses and driving economic recovery,” she added.
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Hanover Square Brokers (http://www.hanoversquarebrokers.co.uk/) is a leading online bridging finance broker specializing in Fast Bridging Loans at low market rates. Hanover Square Brokers handles loans from £30 thousand to £10 million, all at the lowest market rates available. Visit us for bridge loans with no fuss and low rates today.
Hanoversquarebrokers.co.uk
Customer Service
0800 145 5005
news@postpressrelease.com
Source: EmailWire.Com 
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