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Funding Circle has helped create 40,000 jobs
A report by the Centre for Economics and Business Research commissioned by Funding Circle has shown that the peer-to-peer platform has arranged loans to over 15,000 UK businesses over the last 6 years.
It has been six years since Funding Circle launched with a big idea - to revolutionise the way small businesses access finance. In that time, more than 15,000 UK businesses have borrowed over £1.4 billion from a wide range of investors including 50,000 people, local and national government, and a range of financial institutions such as pension funds. Globally, investors have lent $2.5 billion across the UK, US, Germany, Spain and the Netherlands.
The report also highlights that Funding Circle has helped create an estimated 40,000 jobs during this period. Furthermore a fifth of businesses borrowing through the peer-to-peer platform would not have been able to access finance otherwise.
We are particularly proud of the large number of jobs (~40,000) that have been created by lending through Funding Circle. Businesses are leaving banks to enjoy faster, and often lower cost finance - this report finds that whilst 77% of businesses initially shopped around for finance, an overwhelming 94% would come back to us first in future.
We are also expanding the small business finance market, with a fifth (21%) of borrowers telling us they would have been unable to access finance without Funding Circle. That, and the fact that we are able to direct significant funds to areas of the country like the North East where the traditional finance system has withdrawn through branch closures and restrictive lending policies, is hugely rewarding.