Read between the lines: New tax year, new tax planning

Over the next few months we will be bringing you a regular column from Simon Read, a personal finance expert with extensive experience in helping people make the most of their money. Last time we caught up with Simon to get his reaction to the recent Spring Budget. In this column, Simon looks at what changes the upcoming tax year may bring for you.

The new tax year begins on 6 April. There’s usually a lot of noise before that date for people to make the most of their existing year’s tax allowances, or lose them forever. That’s sound advice but making any financial decision in haste can lead to expensive mistakes. That’s why I encourage everyone to do their tax planning at the beginning of the financial year, so there’s plenty of time to take account of what may be a changing situation.

What’s different about the 2017/18 tax year? It’s mainly a question of changing limits – the deadline to act will be exactly the same as it has been in previous years, 5 April. For savers the most notable change is the increase in the tax-free ISA allowance to £20,000, up from £15,240. That’s a massive jump but, to my mind, the biggest advantage is that the new figure is a nice round number and easier to remember!

The 6th April also sees the introduction of the new Lifetime ISA, aimed at first-time homebuyers and people saving for their pension. You need to be under 40 to open one and the big attraction is that the government has promised to top up your savings by 25%. However there are several restrictions and a limit of £4,000 each year. So, while it’s worthwhile for hopeful homebuyers to take advantage or even switch an existing Help to Buy ISA to a Lifetime ISA, anyone looking to save for their retirement is likely to be better off sticking to a company pension scheme, if they have one.

There’s also the Innovative Finance ISA which allows you to shelter your investments through peer-to-peer platforms in a tax-free account. The established platforms are yet to launch their ISA products, so this is something to look out for.

Meanwhile the Personal Savings Allowance introduced in April 2016 continues and means you can earn £1,000 of interest and pay no tax on it if you’re a basic-rate taxpayer, and £500 of interest if you’re a higher-rate taxpayer.

The amount of tax the authorities will demand from you is likely to fall in 2017/18 as the personal allowance is climbing from £11,000 to £11,500. That means an extra £100 for basic rate taxpayers.

The higher rate threshold, the point at which you start paying tax at 40%, is effectively climbing from £43,000 to £45,000, giving anyone earning about that level a £300 boost. That’s unless you live in Scotland where the threshold has been frozen at £43,000.

I haven’t yet mentioned pensions, salary sacrifice, company car tax, capital gains tax, inheritance tax, or several other areas where the tax situation has changed or may require your action. The point is this: you now have 12 months to get your head around your tax situation and act to make the most of it.


The views expressed here belong to the author and do not represent those of Funding Circle. Funding Circle is not authorised to, and does not, provide investment, tax, legal or regulatory advice.

The information and views contained here are provided solely for informational purposes and should not be construed as legal, tax, regulatory, accounting or investment advice, or as a recommendation or an offer or invitation by Funding Circle.

To the extent permitted by law, Funding Circle does not accept any liability for any loss or damage which may arise directly or indirectly from the use of, or reliance on, such information contained here.

If you have any questions, please speak to your professional advisor or seek independent specialist advice.

Spring-clean your Funding Circle account

Last week marked the start of Spring—the clocks went forward, the days get longer and with a bit of luck, the weather gets warmer!

For many people, spring represents the time to have a good clean out in their homes, but it is a good opportunity to get your financial house in order as well. Your Funding Circle account is no exception, so here are four tips to help you get the most out of your investment.

1. Give yourself the best chance of earning a stable return

Our data shows that investors who diversify by lending small amounts to many businesses are more likely to earn a stable return. From time-to-time some of the businesses you lend to won’t be able to repay their loans, so lending small amounts minimises the effect this could have on your return. We suggest you lend to at least 100 businesses, with no more than 1% of your portfolio lent to each one.

 More information on the benefits of diversification can be found on our statistics page. You can see the maximum percentage you have lent to any one business in the My Loan Parts section of your Summary page.

2. Make sure your funds are working hard

You can earn great returns by directly lending to businesses through Funding Circle, but your money earns nothing if it is sat idle. Each month you will receive either a principal and interest payment (the amount you lent plus the interest earned), or an interest-only payment from the businesses you lend to. Ensuring these repayments are lent out to new borrowers can maximise your earning potential.

Doing this regularly can be time consuming, however our Autobid tool will automatically lend your repayments out to new borrowers, leaving you to get on with your day!

3. Check your Autobid settings

It’s good practice to review your Autobid settings regularly to ensure they still meet your lending criteria. While logged in, the Autobid page will allow you to turn the tool on or off and manage your diversification options. The Advanced Settings will also allow you to choose which risk bands to lend to and set the gross interest rates for buying loan parts from other investors. Remember, diversification across both risk bands and businesses can help you earn a stable return.

4. Grow your portfolio for the long-term

Setting up a standing order can be done quickly and allows you to set aside a little each month towards your financial future. Making even a modest regular contribution can have a considerable long-term effect on your Funding Circle account. For example, if an investor with £10,000 in their Funding Circle account was to set up a standing for £100 a month, after 30 years they could have an account worth nearly £200,000.*

Remember, past performance is not a guarantee of future performance, and by lending to businesses your capital is at risk.

We hope you have found this useful, and if you have any questions about your account please get in touch.

Enjoy lending,

The Funding Circle team

*Returns are at our estimated annualised return of 6.9%** (as of 6th March 2017), are compounded monthly, and are after fees and bad debt but before tax. Based on this, an account worth £10,000 with a standing order of £100 a month would be worth £199,084.63. Returns are calculated using a compound interest calculator.  

**This estimated return is a weighted estimate of the annual return after fees and bad debts that investors could earn from lending money to businesses seeking loans as of 6th March 2017. It is calculated by taking the gross interest rate less fees and estimated bad debts that will occur in the future for each of the last 3000 loans accepted on the marketplace. The average return is weighted by loan amount, compounded and before tax. The return is updated daily. See the full calculation here.

Seven sweet treats to make your Easter complete

Join us on an Easter egg hunt this year to find the tastiest treats from seven small businesses across the UK that have flourished thanks to your lending. Whether you’re a fruity chocolate lover, a fudge fanatic or crave something nutty, our selection below will have something to suit all taste buds.

1. Rich and nutty treats from West Wales

Our hunt begins in a sweet shop in West Wales, a place nutty chocolate fans will love. In 2013, Nom Nom Chocolates took over an abandoned chocolate factory and has since grown to become Wales’ leading luxury chocolate manufacturer. On our hunt we found an array of delicious flavours, such as peanut butter and roasted hazelnut – yum! The sweets company purchased new machinery using their Funding Circle loan.

2. Make your own in East Wales

Next stop is Black Mountain Gold Chocolates just down the road in East Wales, where you can make your very own Easter sweets. The company owners are chocolate extraordinaires and teach chocolate making and tasting workshops. From ‘one to one’ sessions to master chocolatier courses, there are classes to suit all age groups and abilities. Black Mountain Gold were able to increase production after borrowing £15,480 from over 200 investors in July 2014.

3. Milk chocolate from Lancashire

From Wales we’re heading to Lancashire in search of milk chocolate bunnies. Beech’s Fine Chocolates create the tastiest Milk Chocolate Bunny Family, which is the perfect treat to share with the entire household over the holiday. The company, who have been producing quality treats since the 1920’s, have also featured in the BBC programme ‘Who’s the Boss.’ Beech’s Fine Chocolates were able to keep up with the high demand after borrowing £250,000 in January 2016.

4. Fruity flavours from Leeds

The next stop on our hunt is one for the fruity chocolate enthusiasts. Lauden Chocolate, based in Leeds, is run by a passionate husband and wife team who produce unique and delicious chocolates that look just as good as they taste. Flavours include mediterranean orange, sour cherry, passionfruit, and lychee & rose. The duo were able to launch new and innovative chocolate bars after borrowing over £41,000 through Funding Circle.

5. A treat for the little ones in York

From Leeds we’re heading to York to find the perfect treat for the little ones. With a choice of milk or white chocolate, these handmade chocolate Rabbit Lollies from Choc affair are a great choice for kids. Choc affair also supply a range of flavoured chocolate bars such as our favourite, Raspberry & Rose. The confectionery company were able to move to a larger premises after borrowing from Funding Circle investors in 2013.

6. Dairy-free Easter eggs from Reading

The next destination on our hunt is a sweet shop in Reading, where you can find award-winning dairy free chocolate. Moo Free, a leading manufacturer of dairy free and gluten free chocolates, produce the ultimate Easter eggs that are a must try this year. The company, which sells its products in Tesco and Ocado, were able to hire more staff after borrowing through Funding Circle back in 2013.

7. Fudge from Suffolk

And finally, if you’re more of a fudge fanatic, then our last stop is for you. Yum Yum Tree Fudge, based in Suffolk, is run by a dedicated family of fudge makers who strive to make the best fudge in the UK – they were even featured on the BBC Good Food Show! The skilled team produce a scrumptious collection of flavours such as mango, sea-salted caramel and mint chocolate chip. Yum Yum Tree Fudge were able to improve their facilities after borrowing over £128,000 in January 2017.

Are you interested in lending to businesses like these?

Lend alongside over 59,000 investors and you could earn a great return whilst supporting small businesses across the UK. Sign up online today.

You can use our investor information guide to help you get started and there are thousands of loans which you can be a part of, making it quick and easy to build a diversified portfolio. Remember, by lending to businesses your capital is at risk.

Looking to expand your business?

We’ve helped more than 22,000 businesses in the UK access finance for a range of finance needs, including hiring staff, opening new shops and working capital. Get your instant quote today.

Enjoy lending. The Funding Circle team

Remember, by lending to businesses your capital is at risk.

Six ways to celebrate the Six Nations

As the final day of the Six Nations approaches – dubbed ‘Super Saturday’ for its back-to-back three match extravaganza – we thought we’d take the opportunity to celebrate 6 unique small businesses that represent each of the countries competing in the tournament.

Scotland v Italy

There’s two areas in which the Scots are infallible; their passion, and their whiskey. The aptly named The Good Spirits Co. in Glasgow was set up by three drinks enthusiasts – including a co-founder of the Glasgow Whisky Festival! They offer a huge range of the best spirits from every corner of the earth, as well as holding tastings and offering their very own octave of whisky called Cask 23.

Pizza hails from Naples but The Real Pizza Company have brought authentic pizzas to Crawley. They are cooked at 400 degrees and can be cooked in bulk on match day to feed the crowd! Their immense flavour will be enough to cheer up any Italian supporter!

France v Wales

French Flavour work closely with artisan producers from both France and the UK to bring the finest wines, cheeses, chocolates and much more – straight to your door! Why not treat yourself to one of their cheese and wine subscription boxes and receive a different selection of hand-picked wines chosen to complement top quality cheeses – every month!

A lesser known fact about the country with the lowest population in the tournament, is that Wales is believed to have more castles per square-mile than any other country in the world! So naturally, we picked out Castle Hotel Aberaeron as our Welsh business of choice. The luxury hotel is situated within a Grade II listed building in the Georgian harbour town of Aberaeron – conveniently located minutes from the seaside. If you find yourself on the west coast of Wales – pop in for some food or a drink… you can’t miss it’s fluorescent pink exterior!

Ireland v England

There’s nothing quite so English as a good portion of fish and chips. London-based Poppie’s Fish and Chips have been going at it since the ‘50s, using only the best and most responsibly sourced fish in their dishes – they combine the perfect blend of taste and nostalgia to create the ultimate chip shop experience. Next time you’re in Soho, Spitalfields or Camden – be sure to pay them a visit!

Now we head to Lisnaskea – a small town in County Fermanagh – to bask in the highest quality, locally sourced baked goods in Northern Ireland. Cherrytree Home Bakery have been baking traditional breads, cakes, scones and more since 1970 – using only the best available produce. Owners Isobel and Norman encourage cake enthusiasts to ‘Come to Lisnaskea and follow the smell of good quality, fresh home banking!

We hope you enjoy the matches this weekend. Whatever your interests – there’s a Funding Circle borrower for you!
If you’re interested in lending to small businesses like these, you could earn 7.1% per year by getting started today. You can use our investor information guide to help you get started and there are thousands of loans which you can be a part of, making it quick and easy to build a diversified portfolio. Remember, your actual return may be higher or lower as by lending to businesses your capital is at risk.

Read between the lines: What does the Budget mean for you?

Over the next few months we will be bringing you a regular column from Simon Read, a personal finance expert with extensive experience in helping people make the most of their money. Simon has written extensively on personal finance issues for a number of national UK newspapers. Previously he was personal finance editor at The Independent, and is currently an expert on BBC1’s Right on the Money show.

Each month Simon will cut through the jargon to help you understand what is happening in the wider financial world. This month, we caught up with him to get his reaction to last week’s Spring Budget and what it means for you.

 

We’ll be hearing regularly from Simon over the next few months, so watch this space!

Enjoy lending,

The Funding Circle team

The views expressed here belong to the author and do not represent those of Funding Circle. Funding Circle is not authorised to, and does not, provide investment, tax, legal or regulatory advice.

The information and views contained here are provided solely for informational purposes and should not be construed as legal, tax, regulatory, accounting or investment advice, or as a recommendation or an offer or invitation by Funding Circle.

To the extent permitted by law, Funding Circle does not accept any liability for any loss or damage which may arise directly or indirectly from the use of, or reliance on, such information contained here.

If you have any questions, please speak to your professional advisor or seek independent specialist advice

Improving the way we talk to you

You told us that monthly and weekly updates were a little too much, so to better suit your needs we’ll now be updating you fortnightly with more in-depth information.

In-depth updates, every two weeks

Up first, we’re replacing your current Weekly Lending Review with two monthly blogs, which will still contain all the information you like to read, from the amount lent to businesses each month, how to make the most of your investment, and any recent defaults. However, we’re giving it all a spring clean and adding some new features.

Each month your new round-up will be split into two:

  • Your investment update will focus on the Funding Circle marketplace, from businesses you could lend to, to how much was lent last month, some new statistics and information from our experts.
  • Your lending impact will showcase success stories from recent borrowers, how your lending has helped them achieve their goals, insight into how things work at Funding Circle, and an opportunity to hear from other investors.

These refreshed blogs will be launching later this month.

Coming soon

Quick on the heels of the blog update, you’ll soon notice a refreshed look for your newsletters. Mirroring your new marketplace round-up blogs, the newsletters will be split into two:

  • An update on your investment and a round-up of what’s going on at Funding Circle at the beginning of each month.
  • What impact your lending is having on the UK economy mid-month, and showcase some of the extraordinary business owners you’re helping.

There’s lots of other improvements still to come, but for now we hope you like the new look and feel of our communications.

As always, if you have any questions or comments our dedicated team are here to help. And if you have any further suggestions we’d love to hear them.

How investor returns change over time

To help guide you on what you can expect from your lending experience, we wanted to show how a typical investor account could perform over a five-year period.

Performance over time

At Funding Circle, we show projected returns for both of the lending options available to investors. These are the annual returns investors could expect to earn once loans have been repaid. 

However, we don’t expect you to arrive at your projected return right away. During the course of your lending, your return will change. It will be affected by bad debt (businesses being unable to repay loans) and the recoveries you may receive (funds recovered from defaulted loans). Recoveries can take years, and the effect of bad debt is usually concentrated in certain phases. 

The below chart shows the typical stages a return will go through over a 5 year period. In this example, an investor has lent across all new loans taken out between 2012-2014, without reinvesting repayments. 

Phase 1 – Returns are at their highest initially

For the first few months the return is at its highest. This is because very few borrowers have been unable to repay their loans in the first 6 months.

Phase 2 – Bad debt causes a dip

We robustly assess every business you lend to, however, there will always be a small proportion who are unable to repay their loans in full. This is called bad debt. It can occur anytime, but it has the biggest effect between 6-18 months after lending starts. As you can see on the graph, it usually causes returns to dip during this period.

Phase 3 – Returns improve as recoveries and interest take effect

Although Phase 2 can be alarming, as you can see on the graph, typically returns pick up again. Although you will likely still experience bad debt, you’ll start to receive recoveries on some of the unrepaid funds and compound interest helps to boost your return over time. 

Think long term to get the best return

It’s important to accept bad debt as a normal part of lending. In most cases it will cause a dip in your return, and potentially some bumps along the way. However, by thinking long term, you can still earn attractive, inflation-beating returns.

The above chart is based on loan performance data over 5 years for all loans taken out between 2012-2014. As you are lending to your own portfolio of loans your return may differ. Past performance is not a guide to future performance and capital is at risk. Not covered by the Financial Services Compensation Scheme. 

Bad debt, defaults and why not to be afraid of them

Bad debt explained

As part of our Explainer series, here we’re looking at bad debt and loan defaults. We’ll describe what these terms mean from an investor point of view, then look at how you can reduce their impact and still earn a good return at Funding Circle.

What is a loan default?

A loan may be defaulted when a business is late in its repayments, has entered insolvency or has otherwise breached the terms and conditions of the loan. The remaining balance and interest is then demanded from the borrower and loan guarantors.

We’ll take the decision to default a loan if we think it’s necessary to protect the interests of investors. In some circumstances defaults are mandatory.

What is bad debt?

When a loan is defaulted, bad debt is the money potentially lost by investors. This amount may be reduced during the recovery process (more on this below).

Why do they happen?

Businesses may run into difficulties for a wide variety of reasons. The most common causes are cashflow (i.e. customers not paying on time, or creditors demanding immediate repayment), increased competition, losing a large contract, illness of the business owner or key workers, and regulatory changes making the business non-viable.

Consequently, a few of the businesses you lend to will be unable to fully repay their loans. The level of bad debt we expect you to experience depends on your chosen lending option. As it’s accounted for, this is included in your projected return.

How do we account for them?

As defaults are a known risk, we take them into account when setting interest rates. Our credit assessment team perform rigorous checks on all businesses and if we estimate a business is higher risk, they pay a higher interest rate to compensate.

For each risk band, the money lost on loans that default is balanced by the extra interest paid by those that repay. As long as the bad debt rate stays within expectations, investors can still earn good returns. That’s why when we give a projected return, we give you the figure after bad debt and fees.

Reduce the impact of bad debt with diversification

Diversification is a simple way to help reduce the impact of bad debt on your investment. Diversifying means splitting your investment into lots of small pieces, and lending them out to different businesses.

  • Without diversification – As an example, say you lent £2,000 all to just one business. If they defaulted on their loan, you could lose all of your money in one go.
  • With diversification – Instead, if you were to split your £2,000 across 200 businesses, you could then lend just £10 to each. Then if three or four of them defaulted, you would only lose £30-40. You would still earn interest from the other 196 businesses you’ve lent to, so would still have a great chance of earning a good return overall.

How to diversify

Our automatic lending tool helps you to quickly build a diversified portfolio. It will split your funds into small chunks and lend them to different businesses. These are called loan parts and they start from £10. We suggest lending £2,000 or more, as this allows you to lend at least 200 businesses, with no more that 0.5% of your total going to each one.

99.5% of investors who have diversified like this for at least a year are currently earning positive returns. If you’d like to start with less, the minimum initial transfer is £1,000. Data correct as of 31st December 2019.

Learn more about diversification here.

Collections & Recoveries – helping recover as much as possible for investors

Almost all Funding Circle loans are supported by a personal guarantee from company directors (property loans can differ). If a business is unable to repay the loan, our team can look to recover the outstanding balance from the guarantors.

Our Collections & Recoveries team pursue every single defaulted loan, arranging a new payment plan if possible, or exhausting every legal process available. The team has a range of methods and technologies in place to recover as much as possible for you.

When a loan defaults it will show the total loss on your account. However, our team are often able to recover a significant portion of that loss. As of 30th June 2018, they have successfully recovered approximately 49% of loans defaulted for at least 3 years, so it’s worth remembering that the amount “lost” on any recent defaults may improve over time.

The success of the team’s approach led to them winning the 2015 CICM Best Collections Team and 2016 Credit Excellence Award for Collections from CCRI.

You can read more about our Collections & Recoveries process here.

Things to remember

Hopefully now you have a better understanding of bad debt and defaults. Here are a few key points to remember:

Don’t panic!

Bad debt is inevitable, so be prepared for a small percentage of loans to default. It’s accounted for in our interest rates, and if you diversify you’ve still got a great chance of making a good return.

Diversify

Splitting your investment across at least 100 businesses, with no more than 1% lent to each one, reduces the impact of any defaulted loans.

We’ll help you out

Our Collections & Recoveries team will work to recover as much of the debt as possible, but this will take time. They will update you on late and defaulted loans through your Funding Circle account.

Of course if you have any questions our Investor Support team are on hand to help, and can talk you through any activity on your account. You can call them on 0207 401 9111 or email contactus@fundingcircle.com.

It is important to remember that past performance is not a guide to future performance. By lending to businesses your capital is at risk and funds are not covered by the Financial Services Compensation Scheme

 

Preparing for your financial year end

Whether you carefully track everything all year round, or sort it all with two weeks to go, preparing for your financial year end is important for every business. If you’re about to get things in order for your business, we’ve put together a short guide to help your year end go as smoothly as possible.

What is a year end?

A ‘year end’ is the term used to describe the accounting documents you need to complete at the end of your financial year. What you need to submit depends on your business, but for a limited company you’ll at least need to file a corporate tax return to HMRC, and abbreviated accounts to Companies House.

Your year end accounts are publicly available, and will be checked by potential partners or investors you want to work with, or by lenders if you want to get a loan.

  • Corporate Tax Return – details the income you’ve received and any expenses or tax allowances. It’s important to get these figures right, as the remaining profit will be used to decide how much corporation tax you need to pay.
  • Abbreviated accounts – gives a broad view of your company’s finances, including your profit and loss, cash held, assets, creditors and debtors.

Key steps to get ready

Before you can file your accounts, you’ll need to do a lot of work to get all the information and documents you need. Here are a few key steps you can take to make sure the process goes as smoothly as possible.

Chase unpaid invoices

You want your books to be as accurate as possible, so you need to know exactly what you have and what’s missing. Chase down any outstanding invoices, then check the final amount matches with your records. If there’s any discrepancies you should investigate these before submitting your accounts.

Count your stock

If you have stock this should be handled in a similar way. Complete a full inventory of all your stock and log if there’s any discrepancies with your records. If there’s stock missing you can try to chase it down, or count it as a loss if it can’t be traced.

Get your expenses in order

Collecting expenses and receipts from all your staff is a crucial and often time consuming job. Business expenses are deducted from your profits which means you’ll have less tax to pay, so it’s worth putting the time in.

HMRC defines an expense as something ‘wholly and exclusively’ for business use. They can often be small amounts like lunch or transport, but can add up and make a difference over the year.

There’s a host of apps available to help track expenses and accounting. Read more in our Top Business Apps blog.

Check your employee data

Double check all your employee data is accurate. You as the employer are liable for any mistakes in income tax or national insurance contributions, not the employee. So to avoid having to ask your employees for some of their wages back later on, make sure it’s all up to date.

File your paperwork

Accounts need records to back them up, so make sure all your paperwork is organised and filed so that you can access them easily. This could be either hard copies or online. If you don’t have a record of something, this is the time to get statements from your bank, or statements of account from suppliers. Get everything in order before filing your year end, so if HMRC ask questions you’ll have evidence at the ready.

Work together to get prepared

Don’t leave it up to one person to chase down everything. Everyone in the business should be helping get the documents you need, whether it’s receipts for expenses, supplier contracts, or missing invoices. Get the word out early so that everything is submitted in plenty of time. Then whoever manages your accounts can bring it all together.

St Patrick’s Day: Our four favourite pubs across the UK where you can enjoy a pint of Guinness

From the Scottish Highlands to the hustle and bustle of Central London, right down to the idyllic Cornish sea, we’re taking you on a journey to find the perfect pint of Guinness this St. Patrick’s Day. Below is our list of four pubs across the country where you can find a delicious pint, while also supporting successful Funding Circle businesses.

1. Enjoy your Guinness with a delicious meal

Our journey begins in Dalkeith, Scotland at The Sun Inn, an award-winning pub and boutique inn. Visit this lovely pub if you fancy a Guinness while enjoying delicious food cooked with flair. The Sun Inn was able to redesign their kitchen to cope with increasing demand after borrowing £100,000 from Funding Circle investors.

2. Pair your pint with a burger

Next stop, London. If you like your Guinness paired with a scrumptious burger, then the Thirsty Bear in Southwark is the pub for you. The popular bar allows customers to pour their own drinks, use an ipad to order and also build their own custom burgers. Our favourite is their chicken, chorizo and jalapeno burger – yum! To help open another site, Thirsty Bear borrowed £99,500 in January 2014.

3. A pint and a place to stay

From London we’re travelling to beautiful Wells, Somerset where we’ll visit Crown at Wells, a 15th Century coaching inn. Nestled in the heart of the historic city, the family-run hotel boasts the top-notch Penn Bar, which is popular with the locals and tourists. To help with refurbishments, Crown at Wells has accessed £230,000 across three Funding Circle loans.

4. Guinness with a view

And finally, we finish our journey at The Golden Lion in Port Isaac, where you can enjoy your pint with a stunning view of the Cornish sea. Overlooking the idyllic fishing village, the 18th century pub is full of original character and charm. Providing the superb food and drinks at The Golden Lion is the Pollock’s Pub Company, who also have three other popular restaurants in the area. In order to recapitalise their hospitality business, Pollock’s borrowed £80,000 from 1580 investors.  

Are you interested in lending to businesses like these?

Lend alongside over 58,000 investors and you could earn a great return whilst supporting small businesses across the UK. Sign up online today.

You can use our investor information guide to help you get started and there are thousands of loans which you can be a part of, making it quick and easy to build a diversified portfolio. Remember, by lending to businesses your capital is at risk.

Looking to expand your business?

We’ve helped more than 21,000 businesses in the UK access finance for a range of finance needs, including hiring staff, opening new shops and working capital. Get your instant quote today.

Enjoy lending. The Funding Circle team

Remember, by lending to businesses your capital is at risk.

British business booming after Brexit. February industry news.

Brexit Terrified This CEO. Then Business Jumped 50%

Last month, Bloomberg featured Funding Circle in a deep dive analysis of investor and borrower reaction to Britain’s vote to leave the European Union. Over the course of the last six months we’ve seen small businesses adapt and continue to invest. This has been made possible by your lending, with more than £500 million lent in the second half of 2016 alone. Supporting these businesses, who make up 50% of GDP and 60% of private sector employment, is crucial to the success of the UK economy.

Leading marketplace lender Funding Circle tops £2bn mark

Another exciting milestone as investors hit £2 billion lent to UK small businesses through Funding Circle since 2010. That means you have supported more than 22,000 small businesses with the funding they need to grow, helping to create more than 50,000 new jobs! We are seeing huge demand for fast, fair, flexible finance from businesses, which means many more lending opportunities on the platform. Watch this video to find out about the importance of diversification, where you lend small amounts to hundreds of businesses in order to manage risk.

Alternative finance in the UK ticks over £10bn mark

The wider crowdfunding sector also celebrated a major milestone this month having facilitated investment worth £10 billion, which is more than double the cumulative total during the same period in 2015. The rapid increase in consumers and businesses turning to alternatives for funding is testament to the customer experience that platforms have on offer. Hundreds of thousands of investors and borrowers alike have now benefited from a new and innovative way of taking out a loan or earning a return.

MarketInvoice and Funding Circle represent P2P on fintech delivery panel

February also saw the launch of one of the Government’s initiatives to help maintain the UK’s position as a global Financial Technology hub during Brexit negotiations. The FinTech Delivery Panel, which was set up by the Treasury and TechCityUK, is made up of senior figures from some of Britain’s most innovative companies and will help steer policy in such a way that ensures the UK’s thriving FinTech sector continues to be the best in the world.

European fintech deals hit 5-year high in 2016

European FinTech companies defied the global trend of a reduction in investment in 2016, with the number of deals increasing by 11 percent in Europe compared to a 1 percent drop globally. In total, innovative FinTech businesses attracted more than $1.2 billion of investment. 2017 is already looking like a good year for the industry with Funding Circle kicking off the fundraising with our £82 million raise in January – enabling further investment into our technology platform to create an ever better experience for our customers!

How your savings will be affected by the Bank of England’s interest rate freeze

And finally, as the high street banks continue to offer poor returns amidst the Bank of England’s decision to freeze rates at 0.25%, this Daily Mirror articles explores the many other options available as a means of making your spare cash work harder for you. By turning to investments such as peer-to-peer lending, you could earn attractive returns by lending to small businesses – but remember, this is an investment not a savings product so your capital is at risk.

Are you interested in lending to businesses through Funding Circle?

Lend alongside 58,000 investors and support small businesses across the UK by signing up online today. You can use our investor information guide to help you get started and there are thousands of loans which you can be a part of, making it quick and easy to build a diversified portfolio. Remember, by lending to businesses your capital is at risk.

Looking to expand your business?

More than 20,000 businesses in the UK have accessed finance from Funding Circle, helping with seasonal cash flow, refurbishment, asset finance and much more. You can check if you qualify for a business loan online in just 30 seconds.

 

Not your average small business

We think small businesses are pretty special. From butchers to bakers, IT consultants to accountants, small business owners and their employees across the UK are doing extraordinary things on a daily basis.

Finch House
To open a new cafe and bakery, Finch House borrowed £125,000 back in 2015.

Small companies make big business

Small businesses aren’t actually that small. When it comes to driving the UK economy forward they pack a pretty impressive punch. Small businesses in the UK, usually defined as any business with less than 250 employees, make up half of our GDP and 60% of private sector employment. You can find more small business facts in our Small business, Big impact infographic.

Tri dosha
To create a new product range of skincare products, Tri-Dosha borrowed £21,060 from 152 investors.

Under the umbrella term small business is an incredible array of exceptional people and industries. You can meet borrowers from a range of sectors in our industry insights series, including retail, hospitality and manufacturing. As you’ll see, the average Funding Circle borrower is usually someone quite remarkable.

While we love telling individual stories, in this post we’re taking a step back and looking at the numbers behind the businesses. Not including property specialists, here’s what the average of all our Funding Circle borrowers looks like….

The significance of the number 8

Our average borrower employs 8 people — enough to make a netball team and have a super sub. To apply for a loan, businesses need to have a minimum of 2 years trading history. However, the average Funding Circle borrower has been around for much longer — 8 years. This means our average business was established in 2009, the year Matt Smith was named as the new Doctor Who, Michael Jackson died, and Barbara Windsor retired from Eastenders. It also means many started life during the worst financial crisis for a generation, so our small business owners are clearly made of stern stuff!

Mill View Plant Centre
To expand and open a coffee shop, Mill View Plant Centre borrowed £100,000 in 2015.

 Helping businesses unlock their potential

There’s a variety of reasons businesses need finance. Whether it’s simply to get a cash boost or unlock their potential we’re on hand to help. Our simple application form can be filled out in just 10 minutes.

Over half of businesses take out a loan through Funding Circle to expand, including hiring staff or opening new premises, like Andy Walker from Teasdale Motorcycles. Being able to expand his business when the time was right helped Andy triple his turnover and grow the team by 10!

Teasdale
To expand and move premises, Teasdale Motorcycles borrowed £167,000

The second most popular reason for borrowing at 34% is working capital. This might be businesses buying stock for a busy season ahead or keeping up with increasing demand like Beech’s Fine Chocolates in Preston, who’ve been manufacturing high quality gourmet chocolates in Lancashire since 1920.

Beeches chocolates
To keep up with demand, Beech’s Fine Chocolates borrowed £250,000 in 2016.

As well as covering a wide range of industries, our borrowers are also based all over the country. 24% are in the South East, 14% in Midlands and 12% in North West.

So will 2018 be the best year for small businesses?

We’ve been championing small businesses since 2010, helping more than 20,000 UK businesses access over £2 billion in finance. Now we’re planning how we can help even more in the years to come. We’ve seen businesses are seizing new growth opportunities in 2017, however, with their affinity to the number 8, 2018 could be an even better year for our Funding Circle business community. Watch this space!

Grow your business with a Funding Circle loan today

We offer unsecured loans up to £350,000, with a personal guarantee, for a range of business purposes including expansion, refurbishment, cash flow and stock purchases.

Key loan features include:

  • Rates from 4.9%
  • Loans from 6 months to 5 years
  • ​Funds in as little as 1 week​
  • No early repayment fees​ — if you pay back early you pay back less

If you’re looking for business finance, check your eligibility online in just 30 seconds.

The data in this blog is correct as of February 2017

We’re celebrating £2 billion lent to UK businesses

It’s been six and a half years since Funding Circle was launched with a big idea, to revolutionise the way small businesses access finance. This week we’re proud to announce that we’re celebrating £2 billion in lending to small UK businesses.

£2 billion lent to UK businesses including Celia's

The numbers behind £2 billion

21,000 businesses have benefited from Funding Circle finance since 2010, and an estimated 40,000 jobs have been created as a result of this. Job creation makes a real difference to the economy, showing the direct impact Funding Circle investors are having on the UK. A total of £107.5 million* has also been earned in interest by 58,000 investors, after fees and bad debt.

What it really means

Reaching £2 billion is more than just a milestone. It means investors can get a good return on their money — whether they’re saving for retirement, a new house or for a rainy day.

And it means more business owners can go on to do extraordinary things; like Celia pictured above, who used her loan to open an award-winning cafe in Somerset. Find out what other extraordinary things our borrowers have achieved after accessing finance in this short video. 

 

If you’re interested in lending to companies like Celia’s, you can earn a current estimated return of 7%* per year^. Join the 58,000 people who are already lending.

If you’re looking for business finance, our fast, hassle-free loans can be with you in just one week. You can check your eligibility in 30 seconds. 

Your actual return may be higher or lower as your capital is at risk when lending to businesses.

*Correct as of 16 February 2017

^Correct as of 23 February 2017

£2 billion lent and your new marketplace round-up coming soon | Weekly Lending Review

Week 7: 13 – 17 February

You and other investors have lent a fantastic £2 billion to more than 20,000 British businesses. That’s thousands of jobs created, homes built, and energy driven into the UK economy. Thank you for your continued support.

Your new marketplace round-up

Following our recent survey, we’ll be publishing a new and improved marketplace round-up next month. Coming in March, the new fortnightly blog will still contain all the information you like to read, but will have a refreshed look and some new features. As always, if you have any questions or comments our dedicated team are here to help. And if you have any further suggestions we’d love to hear them.

New loans available to you

Last week, the total value of new loans listed on the marketplace was £25,914,328, averaging at £71,704 per loan. The largest loan value was £490,000 and the smallest loan value was £5,150. There are also thousands of loan parts available for you to buy which will help you become diversified.

Business loans available to bid on:

 How to make the most of your investment

To help you earn a more stable return and make the most of your investment at Funding Circle, spread your lending across hundreds of businesses so you’re only lending a small amount to each one. Watch our 90 second video below to find out more about diversification at Funding Circle.

Weekly marketplace trends

These graphs show the most recent activity on the marketplace. The number of loans, value of loans and amount lent are reported weekly.

Number of listed loans per week

WLR 7-17 Loans listed

Listed loan value per week

WLR 7-17 Loan value

Total amount lent

WLR 7-17 amount lent

Loan parts available to buy from other investors

WLR 7-17 loan parts

Loans defaulted last week

Each week, we publish a list of the loans being defaulted on the Customer support section of our website under ‘Announcements.’ To see a breakdown of the loans defaulted last week simply click on loans defaulted 16th February 2017.  For further information on why Funding Circle defaults loans you can read our FAQ here.

Our collection and recoveries team are working to recover the outstanding amounts and will provide updates in the loan comments section on your summary page. You can also read more about how our collections and recoveries process works (part one and part two) on our blog.

Enjoy lending, the Funding Circle team

We’re on hand to help | Weekly Lending Review

Week 6: 6 – 10 February

If you have any questions about your account our dedicated team are here to help. Whether you normally speak to Sophie, Fran, Hannah or Daisy, meet your Investor Support team and find out what they get up to each day.

New loans available to you

Last week, the total value of new loans listed on the marketplace was £25,788,400, averaging at £65,452 per loan. The largest loan value was £494,540 and the smallest loan value was £5,150. There are also thousands of loan parts available for you to buy which will help you become diversified.

Business loans available to bid on:

Gross interest rates are before fees and bad debts. Your actual return may be higher or lower as by lending to businesses, your capital is at risk.

How to make the most of your investment

To help you earn a more stable return and make the most of your investment at Funding Circle, spread your lending across hundreds of businesses so you’re only lending a small amount to each one. Watch our 90 second video below to find out more about diversification at Funding Circle.


 

Weekly marketplace trends

These graphs show the most recent activity on the marketplace. The number of loans, value of loans and amount lent are reported weekly.

Number of listed loans per week

 WLR 6 loans listed

Listed loan value per week

 WLR 6 loan value

Total amount lent

 WLR 6 amount lent

Loan parts available to buy from other investors

WLR 6 loan parts

News you should know

In last month’s industry news, read how financial technology took centre stage at the recent G20 conference, with Bank of England Governor Mark Carney describing how “Consumers will get more choice, better-targeted services and keener pricing.”

Loans defaulted last week

Each week, we publish a list of the loans being defaulted on the Customer support section of our website under ‘Announcements.’ To see a breakdown of the loans defaulted last week simply click on loans defaulted 9th February 2017.  For further information on why Funding Circle defaults loans you can read our FAQ here.

Our collection and recoveries team are working to recover the outstanding amounts and will provide updates in the loan comments section on your summary page. You can also read more about how our collections and recoveries process works (part one and part two) on our blog.

Enjoy lending, the Funding Circle team

Business apps we love for small business owners

Business apps

Whether they’re saving you time, increasing your productivity, or making you more secure, installing amazing new business apps is the workplace equivalent of opening presents on Christmas day. Those “How did we manage before?” moments give everyone a lift, and mark another step forward in the evolution of your business.

There are lots of fantastic business apps around that could help. Here are a few that we think could make a big difference to small businesses everywhere.

LastPass – keep all your passwords in one place

We use more online programs and services than ever before. They make our lives easier, simplify business processes, and improve productivity. Until you forget your password — then you’re stuck.

If you’re tired of resetting forgotten passwords then LastPass is an essential. It stores all your passwords in one place, so you only have to remember one. LastPass will log you straight into sites in just one click, and let you share passwords simply and securely across teams.

It will even add to your online security by creating complex passwords for you, so you don’t have ‘childsfirstname86’ as the password on all your accounts.

Slack – the messaging app to save you from your inbox

Ever had days where all you do is look through, read and send emails? If your inbox is an exasperating drain on your time, then Slack could be the answer to your prayers.

Slack is an internal messaging app that lets teams, departments and whole businesses speak to each other easily. As well as direct messages, you can set up channels for specific topics (industry news, customer feedback) to keep everyone informed. Then if you start a new project, you can create a channel for the people involved.

The big difference is being able to easily navigate to the conversation you want, rather than digging through old emails. You can also share files and images, and set up channels with suppliers or partners if they have it too. There’s a whole host of useful plugins as well — for example you can set up a report to pull in performance data every week so it’s shared with your team automatically.

Intuit Quickbooks – simple, straightforward accounting

Managing your financial accounts and keeping your books up to date is vital for making informed business decisions. If you struggle to keep track there are lots of different tools around to help, but even if you have a dedicated accounts team, Intuit Quickbooks could make the whole process easier and more efficient.

Quickbooks gives you a real-time view of your financial accounts so you can make up to the minute decisions. It simplifies expenses and invoice tracking, helps you calculate tax and can be used to run your payroll. Bringing together essential features at reasonable costs, this easy to use business app will save you heaps of time, and probably a few headaches too.

Wunderlist – organise your life

Are you a list maker? Do you get kicks from crossing out completed tasks? Or do you just keep everything upstairs and back yourself to remember? Either way, Wunderlist could help you.

Wunderlist helps you track all your tasks on its straightforward interface. It has features you would expect like setting reminders and making notes, but also lets you share items with friends or co-workers and allows them comment, so you can see any feedback right there in your workflow. And it syncs across all your devices so you never miss a task again.

For more tips on managing your time more effectively, read our Take 10 blog.

Salesforce – the easy way to manage your sales leads

CRM (Customer Relationship Management) systems can be complex and confusing for everyone except the guy who installed it. However, tracking all your customer prospects, leads, and existing customers is crucial to keep those sales coming in. Salesforce is the king of CRM and sales pipeline tools, and although it’s seen by many as an enterprise level solution, it has a range of plans to suit different budgets and needs.

The basic package comes with the lead tracking essentials. You can then upgrade for extra data capabilities and campaign management, or go for the premium package for deep integration and customisation.

It’s functionality makes it the leading CRM tool for small businesses globally, and it has the options you’ll need as your business grows.

If you’re looking for a loan to help grow or better manage your business, you can check if you qualify for a Funding Circle loan in just 30 seconds.

Meet the Investor Support team

At Funding Circle we are committed to providing you with the best possible lending experience. We have some exciting improvements planned for 2017, including the opportunity for you to earn tax-free returns with the launch of the Funding Circle ISA, subject to us receiving full authorisation from the Financial Conduct Authority (FCA).

If you ever have a question about Funding Circle or are looking for help with your account, our Investor Support team are on hand to help. We recently sat down with the team to share with you a bit more about who they are and what they get up to each day.

Brief overview of the Investor Support team:

We have nine members in our Investor Support team. Clare manages the team and has been with Funding Circle since 2012, while Sophie joined in 2015 and is the team supervisor. Fran, Georgia, Georgie, Daisy, Hannah, Lottie and Rachel make up the rest of the team.

Hi everyone, can you tell us about your role and what you do to help investors?

Clare: “We are the point of contact for new and existing investors, and act as their voice within the business. Day-to-day we speak to investors over the phone and via email ‒ dealing with a wide range of queries from account access issues, through to detailed analysis of an investor’s account performance.”

What’s your favourite part of working at Funding Circle?

Sophie: “Having the opportunity to improve investors’ experience by using their feedback to make product improvements.”

Daisy: “I love the culture here!”

Hannah: “Working for an exciting, innovative company with big ambitions for the future.  There is a real desire to challenge ourselves to constantly improve and do more.”

Lottie: “Working at a company that is reshaping a notoriously traditional industry.”

What is it about the role that you enjoy?

Georgie: “Being able to speak to someone new everyday.”

Georgia: “Helping investors to understand how Funding Circle works, and reassure them when they have concerns. It is a great feeling knowing you have made a positive impact on somebody’s day, and I enjoy speaking with a wide range of different people.”

Hannah: “The role is incredibly varied and unpredictable as we have to react to the issues and queries investors may have.”

Rachel: “Getting to know what investors want and how we can better improve the platform.”

Sophie: “Never having the same day twice, you never know what’s around the corner. Also the vast variety of personalities we get to speak and write to!”

Have there been any particular customer experiences that have stood-out for you?

Georgia: “Receiving a handwritten letter from an investor, thanking us for our help guiding him through a process he found particularly difficult. It was a lovely surprise that they had taken the time to get in touch with us to say thank you”

Lottie: “Meeting an investor and a borrower together, on one of our case studies.”

(You can see all our case studies on our blog.)

Sophie: “Building rapport with investors who get in touch with us regularly, and hearing about how they enjoy lending through Funding Circle.”

What would you say is the toughest part of the job?

Georgie: “Telling someone you can’t do something for them straight away, for example when it might take a few days to get an answer. I find that tough.”

Georgia: “Managing investors’ expectations, for example if we experience a technical issue or there’s something they would like improving.”

Sophie: “It’s hard to tell an investor something you know they might not like to hear.”

Rachel: “I agree. For example, we get a lot of questions from investors asking when we’ll be launching the Funding Circle ISA. We’re excited for it too, but until we’ve received full authorisation from the FCA we can’t provide a timeframe. Hopefully we’ll be able to answer it soon!”

What do you enjoy outside of Funding Circle?

Georgia: “I like running and baking, which is probably a good combination so I can run off all the cake!”

Daisy: “I like to visit museums.”

Hannah: “In my spare time I enjoy playing sport, mainly football or hockey, spending time with my friends and family, and travelling as often as I can.”

Georgie: “Playing tennis, lacrosse and rugby. Spending time with my family and friends and my dogs.”

Lottie: “My extra curricular hobbies are exploring London, watching classic films, and learning about new technology.”

Rachel: “I’m a real foodie! I’m also partial to the occasional board game.”

If you ever need assistance, you can reach us at contactus@fundingcircle.com. Alternatively you can give us a call on 0207 401 9111, Monday –   Friday 9am-6pm.

Enjoy lending,

The Funding Circle team

Unsecured loans vs secured loans and what is a personal guarantee?

Unsecured loans explained

Welcome to our new Explainer series, where we’ll be helping you understand common phrases in more detail. We want to help clear up any terms you’re not familiar with, so you can make informed decisions on which loan is right for you.

First up we’re taking a look at personal guarantees and the difference between secured loans and unsecured loans. Looking from a borrower’s point of view, below we outline what the terms mean in general. We’ll then go into more detail on what to expect at Funding Circle.

For the most part, secured and unsecured business loans are very similar (although property loans can differ). You get a lump sum, then pay it back in installments with added interest. The key difference comes if you are unable to pay off the loan:

Secured Loans

With a secured loan, you put forward something of value as a ‘security’. This could be property, land, equipment or other assets. If you stop repaying your loan the lender could take this asset and sell it to recover the unpaid amount. The loan is secured against the asset or assets chosen.

Unsecured Loans

With an unsecured loan, you do not put forward any assets as a security. That means you don’t have to give up your property, land, or other assets if you can’t make the repayments. The lender may ask instead for a personal guarantee, or simply trust you are creditworthy enough to repay the loan.

What is a Personal Guarantee?

A personal guarantee is an agreement that the person(s) involved will cover the cost of the loan if the business is unable to repay it. Typically this is the Director(s) of the company. They become the guarantor of the loan, meaning their personal assets could be taken if the business fails or is otherwise unable to repay the loan.

Pros and cons

Unsecured loans are usually quicker to apply for as they require no valuation of assets. They are also a useful option if your business doesn’t have any high value assets that you can use as a security.

However, sometimes unsecured loans can have a higher interest rate as the lender is taking a greater risk. Being creditworthy enough to qualify can also be very difficult. Providing a personal guarantee can counter both these problems.

If, however, you would like to keep your personal finances completely separate, a secured loan may be your preferred option.

How does it work at Funding Circle?

At Funding Circle businesses borrow directly from our range of investors, including people, local councils and institutions. They provide all the capital for our loans, and if the loans they fund are not repaid, they could lose part or all of their investment.

So, to help us give investors greater peace of mind about the money they lend, we ask for a personal guarantee from company shareholders on almost all of our business loans.  

Unlike some other lenders, at Funding Circle the interest rate you have to pay on your loan will not be affected whether you choose to get a secured loan or an unsecured loan with a personal guarantee. For business loans our interest rate is determined by your risk band (although again property loans can differ). This is worked out using a number of factors such as your credit history, turnover and company finances.

All decisions regarding risk bands and the type of security required are taken by Funding Circle’s Credit Assessment team.

Looking for a secured or unsecured business loan?

You can check your eligibility for a business loan from Funding Circle in 30 seconds.

2017: what a start! January industry news.

 

Funding Circle secures additional financing from UK government

What an exciting start to the year we’ve had! The first piece of news came just days after we’d celebrated the dawn of a new year when Funding Circle announced a £40 million extension to the British Business Bank’s lending through the platform, which has already earned the institution more than £5 million in interest. Since UK Government-owned institutions first started lending in 2013, more than 10,000 UK small businesses have benefited from their funding, which now totals £100 million. The extension of this partnership will help thousands more small businesses access the finance they need to flourish.

U.K. Online Lender Bucks Brexit With $100 Million Funding Round

Soon after, Funding Circle announced an £82 million capital raise, with participation from  existing investors including Accel Partners and Index Ventures. This brought the total amount of equity raised to £300 million and means that Funding Circle is now one of the best capitalised businesses in the industry. The extra funding will enable the business to continue investing in its technology – enabling the continuous evolution of a best in class user experience.

Beware digital revolution, says Carney

Elsewhere, the Bank of England Governor Mark Carney took to the stage at a G20 conference in Germany to discuss the future of Fintech and the impact it could have on traditional financial services. Carney announced that “…this wave of innovation promises a FinTech revolution that will democratise financial services. Consumers will get more choice, better-targeted services and keener pricing.” The Governor also offered a cautious suggestion that regulators should pay close attention to the sector’s evolution.

Small businesses ready to seize new growth opportunities in 2017

In a survey conducted by insurance firm Zurich, small business owners showed their excitement for the new year ahead by raising their growth expectations. Confidence is also up, marking a change in mood among small businesses since the EU referendum last June.

Debrett’s 500 list:  Entrepreneurs

Funding Circle Co-Founder and UK Managing Director James Meekings featured in this year’s Debrett 500 List under the ‘Entrepreneur’ category. James was recognised for his efforts in innovation alongside fellow Fintech founders from Zopa, TransferWise, Crowdcube and WorldRemit. Each individual on the list has founded, or led, a business that has contributed to the bettering of people’s lives in some way through their company.

Survival guide to personal loans

Moving into the world of personal finance, The Independent put together a ‘survival guide to personal loans’. The article gives readers a whistle-stop tour of everything you need to know when considering taking out loan. It then dives into the options, which includes peer-to-peer lending platform Zopa and challenger bank Ikano.

Peer-to-peer lender Zopa passes £2 billion loans milestone

Finally, Zopa were also mentioned in the news after passing the milestone of investors lending £2 billion to UK consumers, with Funding Circle very close behind! This was made up of 300,000 loans to 246,000 individuals. Within the announcement, Zopa also shared information on the what most of their customers use the loan for, with 34% purchasing a car, 31% consolidating debt and 20% using the funds for home improvements.

Looking to expand your business?

More than 20,000 businesses in the UK have accessed finance from Funding Circle, helping with seasonal cash flow, refurbishment, asset finance and much more. You can check if you qualify for a business loan online in just 30 seconds.

News