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British Business Bank Investments Ltd, the commercial arm of British Business Bank, has already lent around £8m to sole traders and partnerships through the peer-to-peer lender, but will now expand its offering to small and medium-sized businesses.
To date, RateSetter has lent £830m to individuals and businesses and seen a 60% year-on-year increase in SME lending over the last three months.
Rhydian Lewis, Founder and CEO at RateSetter, said: “In recent years banks have pulled the shutters down firmly on lending to small businesses.
“RateSetter is helping to reverse that trend and our book of loans to SMEs is growing strongly, business loans make up £137m of our outstanding loan book.
“We are very pleased that our partnership with British Business Bank Investments Ltd has delivered finance for almost 1,000 creditworthy sole traders across the UK, and it is great news that this will now be extended to small businesses.”
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