LendingCrowd secures its largest ever funding deal

LendingCrowd has closed a £100m funding deal with Barclays Bank and a large global investment firm to support UK SMEs, the largest deal it has ever secured.

The funding will enable the fintech lending platform to provide loans to SMEs via the British Business Bank’s Recovery Loan Scheme (RLS) — for which it was accredited as a lender — and its term lending product.

The company will offer RLS facilities of up to £500,000 over three-, four- or five-year terms.

Stuart Lunn, founder and CEO at LendingCrowd, said: “It is hard to imagine a more difficult business environment than the past 18 to 24 months, which has seen many SMEs being severely limited in how much they can trade, and trying to operate under rapidly changing restrictions, through no fault of their own.

“Many of these SMEs are good, solid businesses that desperately need some extra support; however, there remains a significant unmet demand for business lending, particularly in the £250,000 to £500,000 space. 

“It is crucial for businesses and for our wider economic recovery that this demand is properly served. 

“We have invested in our tech-enabled lending platform and, together with our funding partners, we will offer businesses automated checks, faster decisions and competitive rates for small business loans. 

“This saves time and hassle for customers, accountants and intermediaries who support these SME borrowers.

“The next few years will require a real collective effort to get our economy back on track – at LendingCrowd, we are determined to play our part.”

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