Small and medium-sized enterprises (SMEs) are the powerhouse of the British economy, making up more than 99% of the business population and accounting for some 61% of all private sector employment.
However, the Federation of Small Business has reported that just 16.5% of SMEs describe the availability and affordability of new finance as “good”, with 46% rating it as “poor”.
HM Treasury has acknowledged that SMEs tend to approach their main bank when seeking a business loan “and that, if rejected, many simply give up rather than seek alternative options”.
Alternative sources of funding are available. Financial technology (fintech) lending platforms such as LendingCrowd aim to speed up the financing process and help bridge the SME funding gap.
LendingCrowd, which has delivered more than £295m of business loans since launching in 2014, can offer fast and flexible finance to limited companies and limited liability across Britain.
Loans of £75,000 to £500,000 can be used for any business purpose, except for property development or property investment. To be eligible, your business must have been trading for at least two years and have a turnover of at least £100,000 a year.
Funding ambitions
LendingCrowd was created to fund the ambitions of small businesses that have been let down by a market that is dominated by a handful of large banks. We combine cutting-edge technology with vast financial experience across our team to provide SMEs with affordable business loans that will help them to develop and grow.
Our loans offer:
Fixed monthly repayments of capital and interest
An interest rate that is fixed at the start of the loan
Up to five years to repay
No fees for early settlement
No fees for overpayments* to reduce the loan term and total interest paid
*Minimum £5,000
It takes just minutes to apply for a LendingCrowd business loan – start your journey today.
Please note: all applications are subject to LendingCrowd’s risk appetite and will be subject to clearance of AML and Cifas checks.
Article author
Gareth Mackie