In less than a year, Francis Clark have helped South West UK businesses access over £1.4m in borrowing through Funding Circle, a Government endorsed Peer to Peer lending platform.
The speed of turning round an application is one of the attractions of this platform. Having become accredited brokers in December 2014 the firm has helped clients across a number of sectors including construction, retail and e-commerce to raise money for a variety of reasons including working capital, debt consolidation and growth.
Francis Clark partner, Martin Atkins said: "These clients prefer a quick solution to their borrowing needs rather than going via the traditional route with their bank. In some cases we have worked with the banks to plug funding gaps and we understand there is by no means a one size fits all approach.
"Typically, the whole deal can go from the application stage to funds in bank within 4 days and it is not unusual with Funding Circle's new fixed rate model for funds to be raised within 4 hours of being listed on the platform."
Established in the UK in 2010, Funding Circle is an alternative lending platform where investors lend money directly to small and medium sized businesses. The first 10% of any transaction is funded by the Government through the British Business Bank alongside institutional and armchair investors. To date Funding Circle has made loans of over £870m.
Martin Atkins added: "If Funding Circle's minimum criteria is met we can facilitate unsecured business loans of up to £250,000. We have links with numerous other Peer to Peer lenders and remind clients regularly to speak with their banks first.
"It can, however, be the perfect solution for some especially if the funds are needed quickly or clients aren't prepared or able to offer security. As brokers we are also able to offer a more preferential arrangement fee to clients applying with us."