A couple of weeks ago I published a blog post entitled “Access to Lending”. In this article I was talking about the difficulties business have in accessing finance and I briefly talked about alternative forms of financing, including crowd funding.
Following my blog post, I received a call from Funding Circle asking if we would be interested in becoming intermediaries and assist local businesses to raise finance through Funding Circle. Having spoken with them in detail and learned more about their proposition, we agreed that we would offer this to our clients and to other businesses locally.
Funding Circle provides loans of between £5,000 and £500,000 for any business purpose (other than property development) and can be over 1, 3 or 5 years. Loans can be made to Limited Companies (or LLP’s) which have a turnover of at least £100,000 and have 2 years accounts filed at Companies House. Loans of up to £100,000 can be unsecured (subject to personal guarantee).
As an intermediary for Funding Circle, we have access to Funding Circle’s systems which enables us to pre-qualify new loan applications. Businesses which pass the pre-qualification process are likely to be accepted by Funding Circle.
Funding Circle is a modern innovative way of raising finance for business. Investors and lenders deal through the Funding Circle “Marketplace”. Investors offer a sum of money at a fixed interest rate and when enough investors have come forward to meet the loan required, the lender can accept the loan. The whole process is administered by Funding Circle.
For any businesses which meet Funding Circle’s criteria and who have tried unsuccessfully to borrow money, Funding Circle may be the answer.
I believe we are the only firm of Chartered Accountants in Derby to have direct access to this type of funding and I am looking forward to working with businesses to help them obtain the funding they require.
Please contact me for further details on 01332 242257 or via my email at firstname.lastname@example.org
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