By Aisling Finn on Friday 17 April 2020
The SME alternative lender also joined the US stimulus programme earlier this week.
Similarly, just two days ago the SME lender joined the US stimulus package to give out funds to cash-strapped SMEs across the pond.
According to the RNS release from the company, as of 31 December 2019, the Group had net assets of £319.0m, including cash of £164.5m.
The RNS also revealed that because of the economic uncertainty Funding Circle will “withdraw financial guidance for 2020 until the outlook becomes clearer.”
Samir Desai CBE, CEO and Founder said: "Funding Circle is uniquely positioned to use its advanced technology, risk and data analytics platform to help distribute funds to small businesses during this time of crisis.”
“We stand ready to play our part now we have been accredited to both the UK and US Government SME lending programmes."
Keith Morgan, CEO of British Business Bank, added: “As the first newly accredited marketplace lending platform to be accredited under CBILS, Funding Circle will be able to provide more capacity, more choice and most importantly, vital funding for smaller businesses across the UK.”
Funding Circle had a bit of a rocky 2019 after its stock price nosedived and they were ejected from the FTSE 250, yet despite this, the company lent more than ever—in fact, in the last quarter of 2019 “net lending to small businesses through Funding Circle was higher than the major UK banks combined.”
A total of £1.6bn was lent to SMEs through Funding Circle with this number set to potentially increase even further following the news of its accreditation.