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ReBuildingSociety on CrowdCube
ReBuildingSociety, one of the new peer-to-business lenders has itself turned to crowd-funding in order to grow its business.
Here is the email send by ReBuildingSociety on Easter Sunday:
We’re excited to announce that we’ll be sponsoring a crowdfunding podcast that will interview borrowers and gives us a new way to communicate the borrower’s company. We’ll let you know when the first episodes are ready, mid-April. You’ll be able to subscribe to it on iTunes.
Our own equity-based fundraising pitch is progressing on CrowdCube... We’re at 4% of our £140k target, having received investment from a few of our lenders. Instead of taking growth funding from a VC, we’ve turned to the crowd. The shares qualify for SEIS allowing investors to offset 50% Income tax PLUS 28% capital gains. Also early investors get an extra 10% of shares. It would be a pleasure to have more members of our community as shareholders, so I invite you to invest in us. The forum makes for an interesting read.
I hope you enjoy your Easter break,
Dan Rajkumar & the rebuildingsociety.com team
To give readers a performance update, we're now 6% funded. I have had a lot of interest on the forums which make for interesting reading.
We're close to having successfully funded £250k and forecast to have funded £1m by the end of June.
We're also developing some exciting strategic relationships - soon to be announced.
What it does do is emhasise that investors would to better lending on Rebuildingsociety than investing in it! As a rival investor, it pains me to encourage competition. But the current DIY wordpress site is as bad as my own, or nearly as bad, with long routes to vital pages and wonky letter spacing which both put lenders off. The problem is so bad that loans have to be re-advertised and come round again because of low or expensive take-up.
-rival lenders welcome too