British Business Bank lends further £40m to small businesses

The government-owned British Business Bank will today begin lending a further £40 million directly to small businesses through the Funding Circle platform. This follows an initial £40 million investment by the British Business Bank in 2014, and a £20 million investment made by the UK government in 2013 through the Business Finance Partnership.

The British Business Bank aims to support economic growth by increasing choice of finance for small and medium sized businesses. Over 10,000 businesses have benefited from the combined £60 million in lending to date, supporting the creation of an estimated 30,000 jobs*. Since March 2013 over £5 million in interest, after fees and bad debt, has been earned on behalf of the UK taxpayer.

Before we launched in 2010, small businesses were reliant on a small number of high street banks for finance. Over the past six years, a diverse range of investors have for the first time been able to lend directly to these businesses.

The British Business Bank is lending alongside 55,000 people, local councils, financial institutions and the European Investment Bank. To date, you have lent over £1.7 billion to more than 18,000 UK small businesses, providing a £2.7 billion boost to the UK economy.* This new commitment is recognition of the success of the programme to date, and the role investors lending through Funding Circle are playing in supporting the backbone of the British economy.

How will the British Business Bank lend on the platform?

The British Business Bank will continue to lend directly through the partial loan marketplace to UK businesses that meet their lending criteria. The bank will lend on the same terms as other investors in the loan.

Over the past few months you have lent to a record-breaking number of small businesses, with over £300 million lent in the last quarter of 2016. We expect 2017 to be another year of growth, with significantly more lending opportunities for investors than in previous years. To help meet this demand, the British Business Bank will increase the proportion they lend to each eligible business from 10% to 20% ‒ similar to when the UK government first began lending through Funding Circle through the Business Finance Partnership. This will allow more loans to be listed to the partial loan marketplace, resulting in a wider range of businesses for you to lend to and to diversify across.

The proportion the British Business Bank lends on each eligible loan may change in future, however it will not exceed 20% of any one loan. You can read more about the British Business Bank’s involvement in our FAQs.

If you have any questions about today’s news, please get in touch.

Enjoy lending,

The Funding Circle team

* Source: ‘Small Business, Big Impact’ research, Cebr, 2016

Take 10: 5 top tips for hiring and retaining talent

Quick and simple ways to boost your business in just 10 minutes

For the latest in our Take 10 series, we’re looking at how to hire and retain the best employees to help progress your business in 2017.

Talent

We all know that staff turnover costs business owners time and productivity. However, most businesses don’t regularly calculate the cost of losing good staff. ‘The Cost of Brain Drain’ report by Oxford Economics concluded that the loss of an employee earning £25,000 a year or more costs a business on average £30,000. This significant figure includes all the logistic costs of finding a new worker and the impact of getting them up to speed.

It may seem obvious, but a key way to retain good staff is making sure you find the right person for a particular role when hiring. This should be someone who’s technically capable, but is also a good cultural fit for your business. It’s said to be particularly important to have employees with social intelligence in a small business; people who are able to navigate social situations and work well with others, remembering that lots of practical skills required for a job can be learnt.

Once you’ve found the best candidates, however, there are simple measures you can take to ensure your workforce remain happy and productive. Below, we’ve set out just some of the ways you could make this happen for your business:

1)    Having a clear business mission can help foster loyalty

Having a clear business mission and making sure your employees know their part in achieving this goal is a good way to keep people mentally and emotionally tied to your company. For example, if you run a chocolate factory, your overall mission might be producing top quality chocolate but you need your workforce to collaborate and produce an extra 500 boxes a month in 2017 to increase turnover.

Small business employees, in particular, tend to have a breadth of responsibilities so it’s important to communicate exactly what a job entails and what you need or expect from your staff. Setting achievable goals can help employees feel satisfied whilst keeping your business on track to reaching your overarching goal.

These goals will also help you reward employees who do a good job either by recognising their achievements publicly or in terms of a monetary reward, for example a bonus scheme or salary increase, to keep staff motivated. Many businesses also reward staff loyalty by giving those who meet performance goals and work for a number of years at the business extra holiday for example.

2)    Finding out why your employees like working for you can help you focus

You may think that your workforce is happy, but unless you ask them you can’t be certain you know exactly why they like working for you – it may not be exactly what you expect! Conducting employee surveys, or simply asking employees what motivates them at work and what they like or dislike, is a good way to understand what makes your business a good place to work. It can also help you cultivate a good working environment, and make simple changes which could have a big impact. It’s important to remember, however, that some employees may feel happy giving feedback in person whereas others might prefer filling in a short survey.

Contributing to the future of the business by taking part in a feedback initiative will give your employees a sense of ownership and responsibility, and will help foster loyalty. Talking to your employees on a regular basis can also help make sure your business is adaptable should circumstances change and will ensure you can all work to the same new goal.

3)    Clear career development structures can help boost morale and productivity

Are your employees aware of the development opportunities and training you are willing to offer to further their careers? Outlining your approach to career development and giving employees a clear path to advancement is a good way to help boost morale and productivity.

This could be making sure your managers spend time coaching employees, which will help good performers while minimising poor performance, or sending employees on external training courses which could benefit both you and them. For example, if you run a cafe and your top employee wants to go on a nutrition course think about how you might be able to use this new skill set to benefit your business.

Promoting from within is also a good way to boost morale and reward your best workers. Although in some circumstances you may need certain skills or a fresh approach to a particular project which can come with an external hire, where possible giving your staff opportunities to progress internally can help motivate all your employees. The challenge will be ensuring you build up a pipeline of employees suitable for promotion.

4)    Offering competitive benefits can help show you care about your employees

Following the Pensions Act 2008, businesses must now have a pension scheme and contribute to employees pensions. However, offering additional benefits such as health insurance, for example, can help give you the edge when hiring employees and research shows it will also result in reducing the time your workers are off sick.

Other perks you could consider include offering flextime or allowing your staff to work from home if appropriate. These types of benefits can go a long way to showing you’re willing to accommodate your employees outside lives and will empower them.

5)    Everyone loves a freebie!

Whether it’s free fruit in the office, breakfast on your boss once a month, a couple of beers on a Friday afternoon or being able to have their online shopping parcels delivered to the office, small gestures, which don’t necessarily have to be a significant financial expense to your business, show that you care and want to help your employees manage their lives. Your employees will appreciate the gesture and these small acts could help keep them happy and healthy, which will ultimately benefit your bottom line.

These are just 5 ways you could motivate and maintain your workforce. As mentioned however, small business employees and their owners often have lots of responsibilities, so once your business reaches a certain size it’s worth considering hiring a human-resources specialist to oversee and streamline your employee structure and processes. This could take a load off of you and will ensure your employees are treated fairly.

We hope you found this post useful. In the next instalment of Take 10, we’ll be looking at reputation management.

The Funding Circle team

Your Funding Circle Guide to Christmas 2016 – Pt 4

Another Christmas has come and gone, and we’ve all had a great time seeing family and friends, singing carols, and eating our body weight in turkey and chocolates. The big day may now be over, but we hope you’re still very much in the holiday mood. In our guide so far we’ve already looked at ideas for presents, Christmas supplies, and stocking fillers. Now for the final part we’re showcasing ideas from our marketplace for amazing things to do over the rest of the holiday season.

Christmas activities

Wookey Caves & Winter Wonderland

Are you looking for a seasonal spectacular to cap off your holidays? Alongside their world famous caves, at Wookey Hole in Somerset you can pay Santa a visit at their Winter Wonderland. With live reindeer, a Christmas Circus show, and a 4D theatre, you can really have a trip to remember. To open up new caves and help with working capital, Wookey Caves borrowed £260,000 in 2015.

Butterfly Jungle Experience

Leave winter behind with a trip to The Butterfly Jungle Experience at Hall Place in Kent. You can walk among the free flying butterflies and exotic flowers in this slice of rainforest, learning about their lifecycle and observing them at their special feeding stations. With hundreds of butterflies to see, this is a experience to remember for all the family. To expand into new premises, Butterfly Jungles borrowed £50,000 from Funding Circle in 2016.

Xtreme Karting

If you’re after a more high octane day out, then Xtreme Karting could be the one for you. Based in Edinburgh and Falkirk, they offer both junior and adult karting as well as simulated combat experiences, so there’s plenty of adrenaline pumping action to wake you up from your food coma! Xtreme Karting used Funding Circle to help grow their business.

Kidz About Play Park

If the kids are getting restless and you’ve gone through all your favourite Disney films four times already, why not take them out to Kidz About Play Park in Swindon? They can play on the giant play frame and bouncy castle assault course, plus there’s a separate section for babies and toddlers. Kidz About borrowed £95,000 over two loans to invest in a new adventure golf course.

Are you interested in lending to businesses like these?

Lend alongside 55,000 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?

We’ve helped more than 19,000 businesses 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

Your last minute stocking fillers sorted | Weekly Lending Review

Week 50: 12 – 16 December

In the run up to December 25th we’ve been showcasing presents, food, drinks and decorations from Funding Circle borrowers. This week we’ve put together a list of last minute stocking fillers to help make your Christmas extra special.

This will be the last weekly lending review of 2016: we’ll be back in touch in the week commencing 3rd January. We hope you all have a nice break!

New loans available to you

There are currently 10 loan requests on the marketplace, and thousands of loan parts available for you to buy which will help you become diversified.

The total value of new loans listed on the Funding Circle marketplace was £25,184,678, averaging at £76,895 per loan. The largest loan value was £555,240 and the smallest loan value was £5,100.

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.

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 of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn (The calculation is AGY = (1 + (two week rolling weighted average rate/12))^12 – 1). You can view the latest gross interest rates accepted on the marketplace on our statistics page.

Weekly average gross yield (2 weeks rolling)

WLR 50 - yield

Number of loans, value of loans and amount lent are reported weekly.

Number of listed loans per week

 WLR 50 loans listed

Listed loan value per week

 WLR 50 loan value

Total amount lent

 WLR 50 amount lent

Loan parts available to buy from other investors

 WLR 50 loan parts

Loans defaulted last week

Meat wholesaler. Loan 25031. Risk band B

This London business was established in 2012 and a petition has been registered.

Plant hire. Loan 4157. Risk band A+

This Ayrshire business has been running since 2006 and has been placed into liquidation.

Car showroom. Loan 8016. Risk band D

This South Yorkshire business was established in 2002 and is three months in arrears.

Pub. Loan 10516. Risk band D

This Cheshire business has been running since 2015 and is four months in arrears.

Builders. Loan 8610. Risk band D

This Somerset business was established in 2009 and has ceased trading.

Care Home. Loan 2380. Risk band A

This Lancashire business was established in 2005 and is three months in arrears.

Management consultants. Loan 4244. Risk band B

This Lancashire business has been running since 2005 and is four months in arrears.

Pet shop. Loan 7932. Risk band D

This West Midlands business was established in 1995 and has become unresponsive after missing repayments.

Designers. Loan 17753. Risk band E

This Somerset business has been running since 2003 and is three months in arrears.

Skip hire. Loan 12628. Risk band C

This North Wales business is three months in arrears.

Machinery suppliers. Loan 7257. Risk band C

This South Yorkshire business was established in 2010 and are three months in arrears.

Property developers. Loan 25075. Risk band A+

This Lancashire business was established in 2010 and has become unresponsive after missing repayments.

Construction company. Loan 26857. Risk band D

This Monmouthshire business was established in 2013 and has ceased trading.

Property maintenance contractor. Loan 20845. Risk band D

This Monmouthshire business was established in 2013 and has ceased trading.

Restaurant. Loan 5742. Risk band D

This Cheshire business was established in 2010 and has been dissolved.

Benefits of diversification

Lending to businesses can deliver attractive returns, while helping businesses access the finance they need to grow. However, from time-to-time some businesses will be unable to repay their loan, which is why lending a small amount to lots of different businesses is so important. Watch our 90 second diversification video below to find out more.

Our collections and recoveries team are working to recover the outstanding amounts for all of the loans described above and they will provide you with updates in the loan comments section on your summary page. Read how our collections and recoveries process works (part one and part two) on our blog.

Enjoy lending, the Funding Circle team

Your Funding Circle Guide to Christmas 2016 – Pt 3

A quick look at the advent calendar tells us that the main event is now only days away — where did December go?? Hopefully you’ve been getting stuck into the mince pies and mulled wine, and have already sorted everything for your Christmas holiday. We’ve been helping out with suggestions for presents as well as food, drink and decorations, but if you’ve still got some shopping left to do, this week we’ll be sharing some great ideas from our marketplace for last minute stocking fillers.

Christmas stocking fillers

Psychobabel & Skoob Books

We all have at least one friend who loves to read, the one who’s already read every suggestion you’ve ever given them. Now you can surprise them with one of the rare books from Psychobabel & Skoob. They have over 110,000 rare, used, and out of print books in their London store and available online, so you can find a truly unique gift this Christmas. Psychobabel & Skoob borrowed £25,000 from Funding Circle to improve their warehouse facilities and online ordering.

Crocodile Toy Shop

Whether it’s Lego, a magic set, or your new favourite stuffed penguin, opening up new toys on Christmas morning is guaranteed to put a smile on your face. Cirencester’s Crocodile Toy Shop has been supporting play times for over 30 years, and they could help you find that missing piece for the stocking this Christmas. To help improve stock levels, Crocodile Toy Shop has borrowed £150,000 over two loans from Funding Circle.

Nothing But Tea

Coming in from the cold to a warming brew is one of winter’s great pleasures, so why not up your game with a delightful box of loose leaf tea from Nothing But Tea? The family-run tea shop have a wealth of experience in tea and stock over 200 different types! We’d recommend their Dessert Tea Collection, which includes a Rooibos Creme Brulee, Pear Marzipan Tart and a Honeybush Chocolate Cake tea. To increase stock levels to ensure prompt service, Nothing But Tea borrowed £10,000 in February 2011.

Farm & Pet Place

Is your cat lord of the household? Do you love your dog more than your in-laws? If so, you need to make sure they don’t miss out this Christmas. Farm & Pet Place have a huge range of pet toys and treats, as well as equine, agriculture and garden ware, so you can give your animals some extra love this year. Farm & Pet Place borrowed £215,000 to refurbish their flagship store in Abergele.

Swagger & Swoon

Do you know a man who prides himself on looking sharp? Whether he’d love something for his carefully sculpted beard or his ever growing range of dashing cravats, Swagger & Swoon can help you out. They’ve been supplying high quality men’s accessories and grooming products for 12 years, and are taking online Christmas orders up until 22nd December! To expand their product range and improve their online experience, Swagger & Swoon borrowed £10,000 from Funding Circle in 2016.

That’s all for this week. Next up on our guide we’ll be showcasing ideas for great things to do over the Christmas holiday.

Are you interested in lending to businesses like these?

Lend alongside 55,000 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?

We’ve helped more than 19,000 businesses 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

Highlights from 2016

As the new year approaches, we wanted to take a moment to share with you some of our highlights from an incredible 2016.

Together, you have now helped over 24,000 businesses access nearly £2.4 billion across the UK, US, Germany, Spain and the Netherlands. In the UK alone, you have lent £725 million to over 8,000 businesses in 2016.

We have connected with our colleagues from across the US and Europe to bring you this short video. You’ll be able to hear from members of the team, their personal highlights and some of the borrowers you may have lent to.

 

From everyone at Funding Circle, we would like to wish you a merry Christmas and a happy New Year, and thank you for helping to build a better financial world.

Enjoy lending,

The Funding Circle team

Last chance to win £1,000 | Weekly Lending Review

Week 49: 5 – 9 December

Do you know a local business hero? Help them celebrate the festive season in style by entering our photo competition to win £1,000 or get ready for the big day with our Christmas essentials guide 2016.

New loans available to you

There are currently 27 loan requests on the marketplace, and thousands of loan parts available for you to buy which will help you become diversified.

The total value of new loans listed on the Funding Circle marketplace was £25,476,703, averaging at £67,347 per loan. The largest loan value was £555,240 and the smallest loan value was £5,000.

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.

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 of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn (The calculation is AGY = (1 + (two week rolling weighted average rate/12))^12 – 1). You can view the latest gross interest rates accepted on the marketplace on our statistics page.

Weekly average gross yield (2 weeks rolling)

WLR 49 yield

Number of loans, value of loans and amount lent are reported weekly.

Number of listed loans per week

WLR 49 loans listed

Listed loan value per week

WLR 49 loan value

Total amount lent

WLR 49 amount lent

Loan parts available to buy from other investors

WLR 49 loan parts

Loans defaulted last week

Manufacturer. Loan 8118. Risk band C

This Sheffield based business has been running since 2011 and has had cashflow issues.

Printers. Loan 5514. Risk band B

This Somerset based business was established in 2009 and is 3 months in arrears.

Restaurant. Loan 2045. Risk band C

This Sussex based business was established in 2001 and has been placed into liquidation.

Facilities management. Loan 23011. Risk band E

This Lancashire based business was established in 2003 and has proposed a company voluntary arrangement.

Construction company. Loan 16957. Risk band D

This London business was established in 2011 and is 3 months in arrears.

Solicitors. Loan 24242. Risk band A+

This Hampshire business was established in 2016 and has been placed into administration.

Restaurant. Loan 16207. Risk band B

This County Down business has been running since 2010 and has proposed a company voluntary arrangement.

School transportation. Loan 10744.  Risk band C

This London business was established in 2006 and has ceased trading.

Smart home specialist. Loan 14049. Risk band B

This Hertfordshire based business was established in 2004 and has been placed into liquidation.

Benefits of diversification

Lending to businesses can deliver attractive returns, while helping businesses access the finance they need to grow. However, from time-to-time some businesses will be unable to repay their loan, which is why lending a small amount to lots of different businesses is so important. Watch our 90 second diversification video below to find out more.

Our collections and recoveries team are working to recover the outstanding amounts for all of the loans described above and they will provide you with updates in the loan comments section on your summary page. Read how our collections and recoveries process works (part one and part two) on our blog.

Enjoy lending, the Funding Circle team

 

Your Funding Circle Guide to Christmas 2016 – Pt 2

Are you in the festive spirit yet? Have your tree up and presents sorted? What about food and drink for the family feast? If there’s still a few things left on your checklist then never fear, our guide to Christmas 2016 will give you everything you need for a truly unique holiday this year.

Christmas cookies

Last week we showcased some of the best present ideas from our marketplace. For part 2 we’re looking at your essential Christmas supplies, covering food, drink, and decorations.

Cable & Cotton

Want to take your Christmas lights to the next level? Cable and Cotton let you personalise their beautiful hand-made lights. They have 49 colours to choose from, so you can create something unique for your home or office (Funding Circle purple sadly not available). To fund stock levels and expansion into Scandinavia, Cable and Cotton borrowed £50,000 back in 2012.

Crackers Ltd

Officially the funnest way to scatter small toys and paper hats across a dinner table, no Christmas would be complete without a set of Christmas crackers. Crackers Ltd hand fill their crackers with gifts for all the family, providing a more unusual selection than mass-produced alternatives. To improve stock levels and manage cashflow across different seasons, Crackers Ltd borrowed £40,000 in 2014.

Dopson Butchers

Stuffing yourself silly is top of everyone’s Christmas list, and if you’re after some beautiful cuts of meat and poultry then Berkshire-based Dopson Butchers will have what you’re looking for. They use locally sourced, high quality produce, adding cheese and condiments to their raw meats range. You can get your turkey in store or even order it online — just make sure you order in time! Dopson Butchers borrowed £10,000 from Funding Circle to help with working capital.

Ashridge Cider

If you’re after something slightly different to compliment your seasonal drinks cabinet, then why not try Ashridge Cider? They’ve created a Mulled & Spicy Artisan Cider especially for winter, and their Sparkling Vintage Brut Cider was featured on the Daily Telegraph’s ‘50 Foods to Try Before you Die’ list! In order to invest in a new cider mill and press to keep up with growing demand, Ashridge Cider borrowed £76,000 from Funding Circle.

Leeds Brewery

Pick up a selection of delicious ales from Leeds Brewery, including our Christmas favourite Gingerbread Stout. Founded by two university friends, Leeds Brewery first opened its doors in 2007 and has since become the largest brewery in the city. They’ve borrowed over £240,000 over 3 loans from Funding Circle since 2015.

That’s all for this week. Next up on our guide we’ll be showcasing ideas for some last minute stocking fillers.

Are you interested in lending to businesses like these?

Lend alongside 55,000 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?

We’ve helped more than 17,000 businesses 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

Industry insights: 90 seconds with an expert

No one knows more about the day to day running of a business than the Funding Circle borrower community, so each month we ask an industry expert to share their expertise.

Industry insights (3) The pet industry

Recently we spoke to Helen from Glogg, to hear her thoughts on designing and manufacturing a range of drinkware products. This month we caught up with Candy, founder and owner of Suffolk Canine Creche, to hear her advice for growing a business in the pet industry. Since 2014, Candy has borrowed £84,000 from 644 investors through Funding Circle.

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Find out more about Candy’s award-winning canine creche with this short video.

Candy opened Suffolk Canine Creche in 2011 and the business has been hugely successful, winning Pet Service Business of the Year at the National Pet Industry Federation Awards 2015 and employing 22 members of staff. Candy also featured in the Telegraph’s business column, which discussed the rise of pet hotels and specialist nutrition for our furry friends.

Watch our short video to find out more about the pet industry

Candy’s three insights for managing a canine creche are:

  • Using real photography in your marketing is one of the best ways to differentiate your business
  • To provide a premium care experience, make sure you don’t underestimate how many people you need
  • The pet industry is not heavily regulated yet, so it’s important to set high standards

Are you looking to grow your business?

19,000 UK businesses like Suffolk Canine Creche have accessed finance with Funding Circle, helping with cash flow, refurbishment, hiring staff and much more. Get your instant quote and start growing your business today!

Collaboration for innovation – November industry news

newspapers-copy

NatWest strikes deals to pass on unwanted business

November saw the national roll out of Funding Circle’s referral partnership with NatWest, which means hundreds more small businesses will be able to access finance, giving you even more lending opportunities. By working together in the best interest of customers, we can help businesses receive fast, flexible finance which in turn helps the economy to grow.

EIGHT years to buy a turkey – how to fight back against the banks stuffing savers

How long would it take you to save up for a turkey using only the interest earned on £1,000 in a high street bank account? Ahead of Christmas, research found it could take up to eight years following the Bank of England’s reduction in the base rate earlier this year. Whilst lending through platforms like Funding Circle is an investment, not a savings product, this piece explores a range of other ways to help you make your money work harder. Remember, capital is at risk and your investment can go down as well as up.

Rates are at record lows, but these deals offer the chance to bag up to £1million

Despite the current low interest rate environment, this Mail on Sunday piece highlights a range of bonds and other financial products that offer monthly prizes to some lucky customers. You can also check out a number of other ways to make the most of your money including helping the younger generation onto the property ladder and investments like peer-to-peer lending.

P2P lender Zopa applies for UK banking licence

Big news from fellow consumer peer-to-peer lending platform Zopa this month, as they announced they have applied for a banking licence in order to be able to offer borrowers a wider range of products. Whilst we have no plans to do the same, the process which could take anywhere between 18 and 24 months, is certainly one to watch.

London holds EU startup top spot

Britain’s FinTech sector featured on the front page of City AM after innovation foundation Nesta and the European Digital Forum’s city index confirmed that London still ranks as the best city in the European Union for digital entrepreneurs! Britain has held on to this high accolade thanks to good access to finance, an entrepreneurial culture and a highly skilled workforce. Chris Haley of Nesta references Funding Circle and Deliveroo as examples of great digital businesses that started in the UK.

Europe’s start-up backer — Neil Rimer, founder, Index Ventures

And finally, renowned venture capitalist and Funding Circle board member, Neil Rimer, featured in the FT this month. Neil is an expert in startups with a passion for tech and the interview dives into his journey to the top. We learn more about his views on finding and supporting some of the world’s best new businesses. Funding Circle’s co-founder and CEO Samir Desai said of Neil: “in the early days he was a mentor, but he has become a strategic soundboard for new ideas.”

News

FCA publishes interim feedback following post-implementation review

In July, the Financial Conduct Authority (FCA) launched their post-implementation review of the crowdfunding industry, which is how lending platforms like Funding Circle are regulated. Following this, the FCA have today published their interim feedback on how the review is progressing. You can find out more by reading this statement from the FCA.

We welcome the FCA’s review and fully support the focus on investor protection and disclosure. At Funding Circle, we publish performance data on every single loan. You can download this and look at other marketplace data on our statistics page.

We will continue to work closely with the FCA over the next year as they complete their review. We will be able to launch the Funding Circle ISA once we have received full authorisation from the FCA, and we will let you know when we have an update from the regulator on this.

If you have any questions please get in touch.

Enjoy lending,

The Funding Circle team

News

Competition: Win £1,000 towards your Christmas party!

Christmas is upon us, which means it’s time to celebrate another fantastic year with your colleagues, friends and family. At Funding Circle we’re big believers in celebrating your team’s achievements. So, to help you look back on 2016 in style, we’re running a competition to win £1,000 for your Christmas party!

win-mas-party

Entering is easy, just get in touch with us on Twitter, Facebook or Instagram and tell us why your team should win, using the hashtag #MyTeamWinsXmas. We’ll pick a winner on Monday 19th December 2016.

The competition is open to all businesses across the UK, so enter now for a chance to treat your staff and colleagues to an extra special Christmas this year.

How to enter

 

1. Write down why your team should win, using the hashtag #MyTeamWinsXmas in your post. If you can, attach a picture of your team to your post. 

2. Decide where to share your post. Tweet it to @FundingCircleUK, share a post on our Facebook timeline, or tag fundingcircleuk on Instagram.

3. Ask your customers, friends and family to share and like your post.

Remember to post from your company’s social account! We will pick a winner on Monday 19th December 2016 (updated).

Give yourself the best chance of winning

The winner will be chosen by Funding Circle and our judges will consider your reason, your photo and how many people engage with your post.

Terms & conditions for the Funding Circle Christmas Promotion apply. 

Thousands of businesses for you to lend to | Weekly Lending Review

Week 48: 28 November – 2 December

Last week, you and other investors lent £31 million to over 400 UK businesses, and there are thousands of loan parts available for you to buy today. Transfer funds into your account and start lending to businesses today.

New loans available to you

There are currently 14 loan requests on the marketplace, and thousands of loan parts available for you to buy which will help you become diversified.

The total value of new loans listed on the Funding Circle marketplace was £21,963,940, averaging at £74,220 per loan. The largest loan value was £473,540 and the smallest loan value was £5,000.

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.

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 of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn (The calculation is AGY = (1 + (two week rolling weighted average rate/12))^12 – 1). You can view the latest gross interest rates accepted on the marketplace on our statistics page.

Weekly average gross yield (2 weeks rolling)

WLR 48 yield

Number of loans, value of loans and amount lent are reported weekly.

Number of listed loans per week

WLR 48 loans listed

Listed loan value per week

WLR 48 loan value

Total amount lent

WLR 48 Amount lent

Loan parts available to buy from other investors

WLR 48 loan parts

News you should know

There’s just a few days left to vote in Altfi’s 2016 People’s Choice Award. It only takes a couple of minutes and we’d really appreciate your vote!

Loans defaulted last week

Events company. Loan 12538. Risk band A

This Sussex business has been running since 2003 and was placed into insolvent liquidation in February.

Supply chain management. Loan 12841. Risk band D

This Lancashire business was established in 2010 and is being placed into insolvent liquidation.

Aluminium specialist. Loan 8846. Risk band B

This West Sussex business has been running since 2010 and is being placed into insolvent liquidation.

Engineers. Loan 17288. Risk band C

This West Midlands business was established in 1992 and is being placed into insolvent liquidation.

Car specialist. Loan 20245. Risk band D

This Middlesex business has been running since 2007 and is being placed into insolvent liquidation.

Restaurant. Loan 3594. Risk band B

This Lancashire business was established in 2001 and is 3 months in arrears.

Luxury fashion house. Loan 19252. Risk band A

This London business has been running since 2005 and was placed into insolvent liquidation in November.

Management consultancy. Loan 3890. Risk band D

This Bristol business was established in 2010 and is 3 months in arrears.

Gas and electrical specialists. Loan 24435. Risk band E

This Yorkshire business has been running since 2013 and has become unresponsive after missing repayments.

Graphic designers. Loan 25077. Risk band A

This Gloucestershire business was established in 2001 and is being placed into insolvent liquidation.

Restaurant. Loan 20753. Risk band D

This Bristol business has been running since 2007 and is being placed into insolvent liquidation.

Meat supplier. Loan 15355. Risk band C

This Oxfordshire business was established in 2010 and is being placed into insolvent liquidation.

Marketing agency. Loan 8765. Risk band A

This Hampshire business has been running since 2010 and has requested voluntary dissolution.

Benefits of diversification

Lending to businesses can deliver attractive returns, while helping businesses access the finance they need to grow. However, from time-to-time some businesses will be unable to repay their loan, which is why lending a small amount to lots of different businesses is so important. Watch our 90 second diversification video below to find out more.

Our collections and recoveries team are working to recover the outstanding amounts for all of the loans described above and they will provide you with updates in the loan comments section on your summary page. Read how our collections and recoveries process works (part one and part two) on our blog.

Enjoy lending, the Funding Circle team

Your Funding Circle Guide To Christmas 2016

Everyone loves Christmas. Whether you’re celebrating with friends, family, or colleagues, we all look forward to the festive fun. Even Clive, the office grinch, is secretly waiting to put on his paper crown and start telling some jokes. The only downside is there’s a lot to organise. That’s where we come in.

christmas lanterns

Over the next few weeks our guide will give you everything you need for a cracking Christmas. We’ll be bringing you unique ideas from our marketplace, covering stocking fillers, decorations, food and drink, and things to do over the holidays. Not only will they help 2016 be a Christmas to remember, you’ll be supporting local businesses from across the country.

First up, it’s presents. Here are a some of our recommendations for gifts this year.

The Cashmere Centre

The Cashmere Centre have an amazing range of high quality products, from cardigans and jumpers to socks and scarves. All made from the finest Grade Mongolian cashmere, they’re the perfect cosy gift for Christmas. In order to increase stock and improve their online presence, The Cashmere Centre borrowed £40,000 from 507 investors back in 2010.

Rattle & Drum

Know any aspiring musicians, or perhaps someone looking to make the leap from guitar hero legend to a bona fide pro? Rattle & Drum have been kitting out wannabe rockers since the 90s, adding a wide variety of instruments and equipment to their core drums and percussion range. To open an in-house teaching facility and increase cash flow, they’ve borrowed £125,000 over several loans since 2013. They now teach over 400 children a week from their shop in Derby.

Brag Vintage

Brag Vintage are a Sheffield based company dedicated to retro clothing for men and women. They compliment their extensive denim range with hand picked shirts, jumpers, and dresses, and they’ll help save some money for mince pies with free delivery on all UK orders! Brag have borrowed £80,000 from Funding Circle over two loans since 2015, moving to a larger warehouse to increase the range and quantity of their stock as they continue to grow.

Countryside Ski & Climb

Have an adventurous friend? Countryside Ski & Climb specialise in outdoor equipment, so there’s no better place to look for ski jackets, rucksacks, or outdoor and climbing apparel. To update their website and improve their customer experience, Countryside Ski & Climb accessed £20,000 from 172 investors in 2011.

RC Geeks

Christmas morning wouldn’t be complete without some new gadgets to play with, and RC Geeks have the gear to appeal to kids of all ages. Create some serious excitement with a quadcopter or a self-assembly remote control car, with plenty of accessories to add on too. RC Geeks borrowed to increase their product range and grow their business further.

Next week we’ll be taking a look at your essential Christmas supplies, covering food, drink, and decorations.

Are you interested in lending to businesses like these?

Lend alongside 55,000 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?

We’ve helped more than 17,000 businesses 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

What a month! | Weekly Lending Review

Week 47: 21 – 25 November

You and other investors lent a sensational £112.9 million to more than 1,500 UK businesses in November. Reaching £100 million lent in one month is a huge milestone for the Funding Circle community as we strive to help even more small businesses access simple and affordable finance. Thank you for your continued support.

New loans available to you

There are currently 12 loan requests on the marketplace, and thousands of loan parts available for you to buy which will help you become diversified.

The total value of new loans listed on the Funding Circle marketplace was also a record-breaking £28,019,800, averaging at £76,053 per loan. The largest loan value was £511,680 and the smallest loan value was £5,000.

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.

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 of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn (The calculation is AGY = (1 + (two week rolling weighted average rate/12))^12 – 1). You can view the latest gross interest rates accepted on the marketplace on our statistics page.

Weekly average gross yield (2 weeks rolling)

WLR 47 yield

Number of loans, value of loans and amount lent are reported weekly.

Number of listed loans per week

WLR 47 loans listed

Listed loan value per week

WLR 47 loan value

Total amount lent

WLR 47 amount lent

Loan parts available to buy from other investors

WLR 47 loan parts

Loans defaulted last week

Agricultural merchant. Loan 5637. Risk band B

This County Down business was established in 2006 and has been placed into insolvent liquidation.

Film producers. Loan 9841. Risk band B

This Somerset business has been running since 2012 and has become unresponsive after missing repayments.

Caterers. Loan 13262. Risk band C

This London business was established in 2011 and is 3 months in arrears.

Electrical contractors. Loan 9529. Risk band D

This Tyne and Wear business is 3 months in arrears.

Advertising suppliers. Loan 16172. Risk band B

This London business has been running since 2004 and is 2 months in arrears.

Technology specialist. Loan 10627. Risk band A

This London business was established in 2007 and is 3 months in arrears.

Lighting specialist. Loan 20701. Risk band E

This Hertfordshire business has been running since 1995 and was placed into administration in October 2016.

Consultancy. Loan 24571. Risk band A

This Middlesex business was established in 2011 and requested voluntary dissolution in September 2016.

Hauliers. Loan 8295. Risk band C

This West Midlands business has been running since 2005 and is 3 months in arrears.

Electrics supplier. Loan 21715. Risk band A

This West Glamorgan business has was established in 2007 and is being placed into insolvent liquidation.

Coffee shop. Loan 21918. Risk band A

This Hertfordshire business has been running since 2001 and has proposed a Company Voluntary Arrangement.

Benefits of diversification

Lending to businesses can deliver attractive returns, while helping businesses access the finance they need to grow. However, from time-to-time some businesses will be unable to repay their loan, which is why lending a small amount to lots of different businesses is so important. Watch our 90 second diversification video below to find out more.

Our collections and recoveries team are working to recover the outstanding amounts for all of the loans described above and they will provide you with updates in the loan comments section on your summary page. Read how our collections and recoveries process works (part one and part two) on our blog.

Enjoy lending, the Funding Circle team

Take 10: Get the most from your sales call

Quick and simple ways to boost your business in 10 minutes

 

Take 10 blog banner

Good sales calls are critical for any growing business, because no matter how good your product or service is, sales are what drive your bottom line.

Whether you have a dedicated sales team or just one person who handles all your phone enquiries, ensure you’re getting the most from your sales calls by reading over our 7 tips.

1. Be prepared

Before you pick up the phone, take every step to make sure you’re prepared. What is the agenda you’d like to cover? What are your key messages? Write this down clearly, so you can refer back to it during the call. Are you clear on what your goal is, what you need to find out and what the next steps are?

If you’re outbound calling, is there any information you can find out about the customer beforehand to help drive your conversation?

2. Introduce yourself and your company

When you’re on the call, the first thing to do is introduce yourself and your company – this could be the first interaction you have with a customer so it’s important to get this right. Be  professional, but human – no-one wants to talk to a robot!

3. Know what you’re offering

It may seem obvious, but knowing what product or service you’re offering and what the benefits are is really important. You should be able to answer almost anything the customer throws at you. Confident answers will inspire confidence in both you and your product, which are essential to closing that sale.

4. Listen

The best sales people listen to their customers – what their problems are and what they need, so you can find a solution that’s tailored to them. Put the benefits of your product in their terms, help them visualise what it can do for them personally.

5. Build rapport and show interest

Learn all you can about your customer. The next time you speak to them you can then have a genuine conversation about their needs and the solution you have come up with. This will show the customer they’re important to you and help to build trust into your relationship.

6. Follow up

Follow up on your call with an email to thank them for their time, highlight what was covered and, most importantly, what the next steps are.

7. Practice

Not all calls will result in a sale but there is always a positive to takeaway. Use every rejection as an opportunity to reflect on what didn’t go so well, so you can try a different angle on your next call.

As the founder of Skype, Niklas Zennstrom, said, “You shouldn’t be afraid of failure – when something fails, you think, ‘What did I learn from that experience? I can do better next time.’ Then kill that project (or sales technique) and move on to the next. Don’t get disappointed.”

Enjoyed this?

Have a read of other Take 10s, including how to write a press release and how to be smart with your time

Holistic healing: Natural products to cleanse the body and soul

Sunita Passi, founder of Tri-Dosha, was working as a business journalist when she became aware that many of her peers were suffering from stress and anxiety. Led by her love for holistic healing, and inspired by memories of her grandfather’s Ayurvedic health clinic in India, Sunita took it upon herself to discover how she could help others through her passion.

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In 2005, Sunita founded Tri-Dosha, producing award-winning, naturally crafted bodycare and skincare products based on the ancient Indian holistic health system, Ayurveda. They also run training sessions on their methods to masseurs and spas across the UK. By importing only natural and sustainable ingredients from places as far as India, Tri-Dosha supports small business owners and communities across the world.

To help create her new ‘NEEM’ product range, Sunita borrowed £21,060 through Funding Circle in October 2015. The product is now being sold by a major high street retailer.

In this short video, meet Sunita and find out more about how Tri-Dosha is helping to boost the UK’s wellbeing.

 

Are you interested in lending to businesses like Tri-Dosha?

Lend alongside 53,000 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 17,000 businesses in the UK have accessed finance from Funding Circle, helping with cash flow, refurbishment, hiring staff and much more. You can check if you qualify for a business loan online in just 30 seconds.

Record-breaking week! | Weekly Lending Review

Week 46: 14 – 18 November

Last week, you and other investors helped over 460 businesses across the UK access a record £32 million to grow and prosper. Log in to view current lending opportunities on the marketplace.

Record amount of loans listed on the marketplace

There are currently 24 loan requests on the marketplace, and thousands of loan parts available for you to buy which will help you become diversified.

The total value of new loans listed on the Funding Circle marketplace was also a record-breaking £29,005,960, averaging at £69,887 per loan. The largest loan value was £537,780 and the smallest loan value was £5,000.

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.

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 of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn (The calculation is AGY = (1 + (two week rolling weighted average rate/12))^12 – 1). You can view the latest gross interest rates accepted on the marketplace on our statistics page.

Weekly average gross yield (2 weeks rolling)

We updated our interest rates on 7 November. Find out more about the change in our blog.

WLR 46 - yield

Number of loans, value of loans and amount lent are reported weekly.

Number of listed loans per week

WLR 46 loans listed

Listed loan value per week

WLR 46 loan value

Total amount lent

WLR 46 amount lent

Loan parts available to buy from other investors

WLR 46 loan parts

News you should know

Funding Circle borrower Newton Farm Foods has been named Family Business of the Year 2016 at the British Farming Awards. Huge congratulations to Celia and the team. Find out how your lending helped the Gay family refurbish their farm shop and cafe in this short video.

Deloitte Technology Fast 50

We were delighted to be ranked 16th in the Deloitte Technology Fast 50, which ranks the country’s 50 fastest growing technology companies, driven by leading intellectual property and based on revenue growth over the last four years.

Loans defaulted last week

Joiner. Loan 1610. Risk band C

This Dorset business has been running since 1961 and was placed into administration in October 2016.

Ecohome specialist. Loan 20694. Risk band A+

This Bedfordshire business was established in 2008 and is being placed into liquidation.

Employee assistance programmes. Loan 6926. Risk band D

This Bedfordshire business has been running since 2005 and is 3 months in arrears.

Children’s play centre. Loan 21859. Risk band B

This Cheshire business was established in 2009 and is 3 months in arrears.

Home improvements. Loan 4899. Risk band C

This Monmouthshire business has been running since 2007 and is being defaulted to crystallise the liability of the guarantor.

Lighting specialist. Loan 3930. Risk band D

This Surrey business was established in 2010 and has become unresponsive after missing repayments.

DIY products wholesaler. Loan 24783. Risk band A

This Bedfordshire business has been running since 1983 and was placed into administration in November 2016.

Sofa manufacturer. Loan 4296. Risk band A

This Tyne and Wear business was established in 2006 and been placed into administration.

Wiper blade manufacturer. Loan 3295. Risk band C

This Merseyside business has been running since 2000 and has entered a Company Voluntary Arrangement.

Hauliers. Loan 7951. Risk band B

This County Down business was established in 2004 and has ceased trading.

Consultancy. Loan 9309. Risk band C

This Middlesex business has been running since 2010 and is consulting a debt charity.

Pipework contractors. Loan 11118. Risk band B

This Cheshire business was established in 2006 and has been placed into administration.

Internet service provider. Loan 7276. Risk band A

This Surrey business has been running since 2010 and has entered a Company Voluntary Arrangement.

Estate agent. Loan 17659. Risk band A+

This Leeds business was established in 2010 and has ceased trading.

Grocery shop. Loan 7090. Risk band A

This London business has been running since 2009 and has ceased trading.

Benefits of diversification

Lending to businesses can deliver attractive returns, while helping businesses access the finance they need to grow. However, from time-to-time some businesses will be unable to repay their loan, which is why lending a small amount to lots of different businesses is so important. Watch our 90 second diversification video below to find out more.

Our collections and recoveries team are working to recover the outstanding amounts for all of the loans described above and they will provide you with updates in the loan comments section on your summary page. Read how our collections and recoveries process works (part one and part two) on our blog.

Enjoy lending, the Funding Circle team

Our favourite winter warmers | Weekly Lending Review

Week 45: 7 – 11 November

Whether you prefer some cosy cashmere, a beautiful beanie or a long soak in a bubble bath, we’ve put together a 6 step guide to help you keep cosy this winter.

New loans available to you

There are currently 24 loan requests on the marketplace, and thousands of loan parts available for you to buy which will help you become diversified.

The total value of new loans listed on the Funding Circle marketplace was £25,379,560, averaging at £72,438 per loan. The largest loan value was £567,020 and the smallest loan value was £5,000.

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.

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 of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn (The calculation is AGY = (1 + (two week rolling weighted average rate/12))^12 – 1). You can view the latest gross interest rates accepted on the marketplace on our statistics page.

Weekly average gross yield (2 weeks rolling)

WLR 45 yield

Number of loans, value of loans and amount lent are reported weekly.

Number of listed loans per week

WLR 45 loans listed

Listed loan value per week

WLR 45 loan value

Total amount lent

WLR 45 amount lent

Loan parts available to buy from other investors

WLR 45 loan parts

Loans defaulted last week

Architects. Loan 23047. Risk band A

This Aberdeenshire business was established in 2006 and has been placed into liquidation.

Nursery. Loan 5149. Risk band C

This Cardiff business has been running since 2010 and has entered formal insolvency proceedings.

Consultancy. Loan 9309. Risk band C

This Middlesex business was established in 2010 and has consulted a debt charity.

Service station. Loan 9543. Risk band B

This North Wales business is 4 months in arrears.

Manufacturer. Loan 19010. Risk band C

This Dorset business has been running since 1961 and was placed into administration in October 2016.

Flooring specialist. Loan 20126. Risk band C

This Hertfordshire business was established in 2012 and is being placed into insolvent liquidation.

Garage. Loan 6845. Risk band B

This Yorkshire business has been running since 2014 and has proposed an Individual Voluntary Arrangement.

Building maintenance company. Loan 6359. Risk band C

This Nottinghamshire business was established in 2010 and is being placed into insolvent liquidation.

Lighting specialist. Loan 20701. Risk band E

This Hertfordshire business has been running since 1995 and was placed into administration in October 2016.

Distribution company. Loan 23220. Risk band D

This County Down business was established in 2012 and has ceased trading.

Builders. Loan 14062. Risk band B

This Surrey business has been running since 2010 and is being placed into insolvent liquidation.

Commercial cleaners. Loan 17803. Risk band A

This Somerset business was established in 2012 and has ceased trading.

Renewable energy services. Loan 18448. Risk band B

This Yorkshire business has been running since 2012 and is being placed into liquidation.

Pharmacy. Loan 8197. Risk band A

This Aberdeenshire business was established in 2001 and is 3 months in arrears.

Steel works. Loan 6689. Risk band D

This Carmarthenshire business has been running since 2006 and is being placed into a formal insolvency process.

Telecoms consultancy. Loan 24571. Risk band A

This Middlesex business was established in 2011 and has requested voluntary dissolution.

Steel specialist. Loan 15664. Risk band A+

This Lancashire business has been running since 2000 and is being placed into insolvent liquidation.

Manufacturer. Loan 17174. Risk band E

This Tyne and Wear business was established in 1999 and has entered a Company Voluntary Arrangement.

Estate agent. Loan 17659. Risk band A+

This Leeds business has been running since 2010 and has ceased trading.

Haulage company. Loan 7951. Risk band B

This County Down business was established in 2004 and has ceased trading.

DIY products wholesaler. Loan 24783. Risk band A

This Bedfordshire business has been running since 1983 and has been placed in administration.

Aluminium specialist. Loan 8846. Risk band B

This West Sussex business was established in 2010 and is being placed into insolvent liquidation.

Packaging company. Loan 22733. Risk band A

This Hampshire business has been running since 2010 and has ceased trading.

Marketing agency. Loan 19690. Risk band C

This Glasgow business was established in 2003 and has requested voluntary dissolution.

Telesales company. Loan 8786. Risk band C

This Glasgow business has been running since 2012 and has become unresponsive after missing repayments.

Fishing bait producers. Loan 15287. Risk band A

This Somerset business was established in 2012 and has ceased trading.

Benefits of diversification

Lending to businesses can deliver attractive returns, while helping businesses access the finance they need to grow. However, from time-to-time some businesses will be unable to repay their loan, which is why lending a small amount to lots of different businesses is so important. Watch our 90 second diversification video below to find out more.

Our collections and recoveries team are working to recover the outstanding amounts for all of the loans described above and they will provide you with updates in the loan comments section on your summary page. Read how our collections and recoveries process works (part one and part two) on our blog.

Enjoy lending, the Funding Circle team

Industry insights: 90 seconds with an expert

No one knows more about the day to day running of a business than the Funding Circle borrower community, so each month we ask an industry expert to share their expertise.

Industry insights (2) The drinkware industry

Recently, we heard from Darren Goldfinch, owner of Finch House, to gain insights into the cafe and coffee shop industry. For the second in our series, we caught up with Helen Smith, owner of Glogg, to hear her thoughts on designing and manufacturing a range of drinkware products.

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See Helen’s stainless steel cup being manufactured in our short video.

Helen started Glogg in 2007 to plug a gap in the market for stainless steel, BPA-free water bottles. To help meet an order for 200,000 stainless steel pint cups for this year’s Glastonbury festival, Helen borrowed £40,000 in January 2015.

In this short video, Helen shares her insights into bringing a successful range of products to life:

  • Lease your products to customers at events such as festivals
  • Invest in getting the right legal advice from the start
  • Carefully plan how much it will cost, and how long it will take to create a product
  • Plug any gaps in your skill set by partnering with experts

Looking for funding for your next project?

If, like Helen, there is a product you want to bring to life, you can check if you qualify for a business loan online in just 30 seconds.

We’ve helped more than 17,000 businesses access finance for a range of purposes, and you can read more stories like Helen’s here.