LendingCrowd funds 33 Scottish SMEs

Alternative finance provider LendingCrowd has completed 33 loan deals to Scottish SMEs worth £3m following its partnership with Scottish Enterprise.

In October 2016, LendingCrowd received £2.75m from Scottish Enterprise to lend across its platform to SMEs north of the border.

The SME lender appointed former RBS and Clydesdale Bank director Adrian Innes as head of origination in September and he now leads business development activity.

Stuart Lunn, CEO and co-founder of LendingCrowd, said that the firm was targeting £15m of loans to Scottish SMEs in 2018, more than a third of the forecast lending of £40m across the UK next year.

“The flexibility of our funding packages combined with our ability to offer a highly personalised service and much quicker turnarounds on loan decisions than are available on the high street are starting to make an impression in the Scottish market,” said Stuart.

“LendingCrowd has seen significant growth in 2017 and is anticipating doing £18m of deals this year, versus £4.5m in 2016.

“Much of the growth in investor funds on the platform results from LendingCrowd launching its Isa in February this year.”

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