Funding Circle: NGO against COVID-19 ^Lenders

Entity: Funding Circle
Category: Coronavirus Business Interruption Loan Scheme
Description: Funding Circle is a lending platform for small businesses. When Funding Circle was founded, they could see that businesses weren’t being given the finance to grow, while investors were making poor returns. They had a simple idea — let them support each other. By lending directly to businesses through Funding Circle, investors can now earn attractive returns to better provide for their future. Businesses get fast, easy access to funding to grow, create jobs, support local communities and drive the economy forward. They believe it’s better for everyone.

. Project: Coronavirus Business Interruption Loan Scheme through Funding Circle
Summary: Funding Circle has become the UK’s first Fintech to receive accreditation from the British Business Bank (BBB) to take part in the government’s coronavirus business interruption loan scheme (CBILS). Funding Circle will fund the loans itself alongside new and institutional investors. The Coronavirus Business Interruption Loan Scheme (CBILS) CBILS is managed by the British Business Bank only through accredited lenders and supported by a range of approved partners. It provides financial support to smaller businesses (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak. The scheme is a part of a wider package of government support for UK businesses and employees. Read more at the Government’s Business Support website. CBILS has been significantly expanded along with changes to the scheme’s features and eligibility criteria. The changes mean even more smaller businesses across the UK impacted by the coronavirus crisis can access the funding they need. Importantly, access to the scheme has been opened up to those smaller businesses that would have previously met the requirements for a commercial facility but would not have been eligible for CBILS. Insufficient security is no longer a condition to access the scheme.