A record £19m lent to businesses in February

Week 9: 24 February – 2 March 2014

In February, a record £19 million was lent to 332 businesses across the UK, thanks to investors like you.

Last week, we saw nearly 90 new loan requests available for you to lend to. The majority of businesses looking for funding were located in the North West of England and the most popular reason for needing a business loan was for expansion.

New loans

There were 88 new business loans listed last week and there are currently 79 auctions on the marketplace.

The total value of the new listed loans was £5,275,700; that’s an average of £59,951 per loan. The largest loan value was £250,000 and the smallest loan value was £9,500.

Business loans still available for bidding on for the next 3 days or more:

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: 24-Feb represents the week of 24th February – 2nd March.

Weekly average gross yield (2 weeks rolling)

yield

Number of listed loans per week

number

Listed loan value per week

value

Recommend a friend and share £80

If you recommend a friend to Funding Circle and they lend at least £1,000 to our great British businesses, you could each have £40 cashback* paid into your Funding Circle accounts!

Our iPad app has landed in the App store

You can now download the Funding Circle app for free for use on your iPad. You won’t miss out on the end of auctions again as you can turn on alerts which will notify you of auctions closing.

What did 2013 look like for Funding Circle?

We’ve put a short video together highlighting some of the best moments from 2013: ranging from visiting businesses across the country, to launching Funding Circle in the States, to having the Government, Huddersfield University and local councils all lend alongside the British public.

Government-backed British Business Bank programme to lend £40 million to businesses

We’re pleased to confirm that the Government-backed British Business Bank Investment Programme is lending £40 million** through Funding Circle from its £300 million Investment Programme.

Community Discussions

This week we’re talking about adding premiums to loan parts when you sell them. You can join the discussion on our community forum.

Unsure how to get started with lending?

Take 5 minutes to read through our blog which explains how to start lending to businesses through Funding Circle.

Loans defaulted last week

Italian restaurant. Loan ID 1225

This London business runs an Italian restaurant in the West End and has been trading since 1994. The original loan amount was £100,000 and all 949 investors have been notified.

Rail carriage manufacturer. Loan ID 1017

This West Midlands business had been trading for over 40 years and went into liquidation in August. The original loan amount was £50,000 and all 417 investors have been notified.

Lighting manufacturer. Loan ID 328

This Warwickshire business has been trading since 1999 and has failed to make full monthly repayments. The original loan amount was £25,000 and all 250 investors have been notified.

Electronics company. Loan ID 1327

This business is based in Stratford-upon-Avon and designs and  assembles circuit boards. The original loan amount was £55,000 and all 581 investors have been notified.

Our insolvency team are working to recover the outstanding amounts for all of these loan.

Enjoy lending, The Funding Circle Team

 

* Terms & conditions apply.

** The British Business Bank programme is currently run directly by the Department for Business, Innovation and Skills and is not authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority.  British Business Bank plc will operate as a Government-owned financial institution once HM Government has received European Commission State aid clearance, which is expected in 2014.

 

Jack Pritchett

Senior Communications Manager