The Kbsa has introduced a benefit for members that will help them access funds to invest in their business. The new partnership with peer-to-peer lending company Funding Circle, offers members a fast, efficient and flexible vehicle to raise funds, with a special Kbsa members discount off the usual fee.
Kbsa national chair Richard Hibbert says, “This is a great benefit for our members. Funding Circle has a fantastic track record of lending to small businesses. I have used the company for my own business and found it to be so much easier than dealing with the banks. You can pay off the loan when you like without penalty, it is very easy to apply and I had the money within 2 days.”
There are very few minimum requirements for businesses that want to apply and the funds can be used for working capital, expansion plans, refinancing a loan, tax payments or many other purposes. Terms vary from 6 months to 5 years and there are no early repayment fees. Unsecured loans are available from £10,000 to £500,000 for Ltd Companies and larger partnerships, and £25,000 to £250,000 for sole traders and small partnerships.
Funding Circle was the first website to use the process of peer-to-peer lending for business funding in the UK, and now operates in the UK, US, Germany, and the Netherlands. They connect creditworthy businesses looking for finance with people and organisations with money to lend. In 2017, small businesses used their loans from Funding Circle to create and sustain 75,000 jobs globally.
Richard adds,” We anticipate great demand for this service. We have introduced it as part of our commitment to supporting our members and providing benefits that can make a difference to their business success.”