Update to minimum bid rates and a record-breaking week. Weekly Lending Review: week 41
Week 41: 7 – 13 October 2013
Last week was a record-breaking week for both the number and value of business loans listed on the marketplace, available for you to lend to. Of the 68 new loans worth £4.6 million, the majority were in the manufacturing industry and working capital was the most common reason for needing finance.
There were 68 new business loans listed last week and there are currently 44 auctions on the marketplace.
The total value of the new listed loans was £4,593,500; that’s an average of £67,551 per loan. The largest loan value was £150,000 and the smallest loan value was £15,000.
Business loans still available for bidding on for the next 3 days or more:
- Oxfordshire bakery is looking for a £80,000 loan to expand
- London based opticians need a £100,000 to update their equipment
- Award-winning training business requires £100,000 to expand internationally
- Jewellery retailer is looking for a £150,000 for Christmas stock
- Steel fabrication company needs a £40,000 loan for a cash injection
- Pub in Winchester requires a £100,000 to open a B&B
Weekly marketplace trends
These graphs show the most recent activity on the marketplace. The average gross yield graph is reported weekly and shows a rolling two week average. Number of loans, value of loans and secondary market are reported weekly. The dates on the graph should be read as ‘week beginning’, for example: 30-Sep represents the week of 7th – 13th October.
Weekly average gross yield (2 weeks rolling)
Number of listed loans per week
Listed loan value per week
Update to minimum bid rates
We review the minimum bid rates in the middle of every month to decide whether they should be changed or kept the same. This month, the decision has been made to increase rates by 0.2% on the A, B and C risk bands. The new rates will come into effect for loan requests listed after 9am on Friday 1st November. The new rates are as follows:
A+: 6% (no change)
A: 7.5% (+0.2%)
B: 8.5% (+ 0.2%)
C: 9.5% (+ 0.2%)
C-: 11.5% (no change)
News you should know
A family-run gin manufacturer from Bristol took out a loan earlier this year so they could buy a new gin still. They manufacture gin and fruit liqueurs and you can read about how their gin makes it to the shelves of Waitrose in this picture story.
Loans defaulted last week
No loans were defaulted.
Enjoy lending, The Funding Circle Team