£18.75m funding boost available to SMEs via LendingCrowd’s platform
A multi-million pound funding boost is set to benefit SMEs throughout Britain in the form of business loans through LendingCrowd, who have brought together the Scottish Investment Bank and Dutch entrepreneurial bank NIBC to provide the backing for this finance.
This alternative lending facility is likely to be of considerable help to ever more SMEs to enable them to fulfil their business ambitions. For more detail on this subject please read the bulletin below which was issued today by Insider News Media.
Roger Mundy, Managing Director, Beardsley Theobalds, 21st May 2019
British SMEs set for multimillion-pound funding boost
SMEs across Britain are set to benefit from an £18.75m funding boost put together by LendingCrowd.
The fintech lending platform has brought together the government-backed Scottish Investment Bank (SIB) and Dutch entrepreneurial bank NIBC. The pair have agreed to lend the combined amount across LendingCrowd's platform.
NIBC will provide the senior debt for the deal with additional funding from SIB facilitating the overall debt package. This is the second such agreement that the platform has agreed with SIB, the first being the £2.75m commitment it made in October 2016.
The funding will be made available as business loans to SMEs across Scotland and the rest of Britain, with LendingCrowd fulfilling the increasing demand for small business finance.
Stuart Lunn, founder and chief executive of LendingCrowd, said: "We've had a record number of requests for funding from British businesses so far this year, showing that the appetite for alternative sources of finance to fund their ambitions only seems to be getting stronger.
"We are delighted that the Scottish Investment Bank has followed up its first foray into the alternative investment market with this further commitment, and that we have been joined by NIBC, which sees the potential of LendingCrowd and our proven ability to distribute its considerable funding to UK businesses.
"There are many small businesses crying out for finance and the funding from SIB and NIBC, coupled with our strong retail investor base, will allow LendingCrowd to help even more companies fulfil their ambitions."Kerry Sharp, director of the SIB, added: "Having worked with LendingCrowd since 2016, we are delighted they have successfully grown their alternative funding operations to attract significant international funding, increasing and broadening the supply of capital to our SMEs - a great example of SIB's wide and varied role in enhancing Scotland's access to finance."