Peer to peer lender Funding Circle has been approved to join the coronavirus business interruption loan scheme.
In Brief:
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The FinTech expects to start lending within a week and is currently setting up with the British Business Bank.
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The scheme aims to help SMEs that have been impacted by Covid-19.
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Loans of up to £5mn will be offered to businesses with revenue below £45mn.
What does this mean?
Funding Circle is the first alternative lender to be accredited on the scheme, which also includes FinTechs like OakNorth and Starling. The lender says it will fund the loans itself along with new and institutional investors.
