LendingCrowd, a FinTech lending platform based in Edinburgh, has made a commitment of £100mn to support SMEs as they recover from the Covid-19 pandemic.
In Brief:
Barclays has made a funding deal with the lending platform, alongside a major global investment firm.
The funding will operate under the British Business Bank’s Recovery Loan Scheme.
It will also be delivered through LendingCrowd’s usual term lending product.
What does this mean?
LendingCrowd was recently accredited to lend money under the Recovery Loan Scheme, and says there’s significant demand for loans between £250,000 and £500,000 right now. The platform, which offers automated checks, can be a quicker and more efficient source of finance for small businesses.
