ActionCOACH and Funding Circle Case Study
A new partnership with business loans specialist Funding Circle
We’re delighted to announce a new partnership between ActionCOACH and Funding Circle to help businesses access fast and flexible finance.
Funding Circle is the world’s leading marketplace, where small businesses borrow directly from thousands of investors. Since launching in 2010, Funding Circle investors have lent over £1.4 billion to 15,000 UK businesses.
Funding Circle’s National Partnerships Manager Dan Sinclair-Taylor said ‘Thousands of businesses have already benefited from accessing fast and flexible finance through Funding Circle, and we’re delighted to partner with ActionCOACH to help even more businesses across the UK grow and prosper.’
To find out more, we met with ActionCOACH’s Alan Brighton to find out why he recommends Funding Circle to his clients. Alan, who has a wealth of business experience including working at ActionCOACH for 12 years, has already secured over £170,000 in funding for two of his clients through Funding Circle.
Alan told us he’d been aware of marketplace lending for a couple of years, after reading about the Industry in the financial press. However, he’s been given the confidence to recommend accessing finance through Funding Circle after being impressed by the ease of process and slick service. He said it makes a real difference finding out quickly whether a client is eligible to take out a business loan.
Funding Circle’s products
ü Unsecured loans from £5k - £250k (personal guarantee required)
ü Secured loans up to £1m
ü Loans from 6 months to 5 years
ü No early repayment fees
Funds can be used for almost any purpose, including paying for your coaching fees!
“Peer-to-peer lending platform Funding Circle has secured £40m from the UK government to support small
businesses… The British Business Bank has previously lent Funding Circle £60m, which has been channelled to more than 10,000 businesses across the UK. The government has in return earned about £5m in net interest over the past four years.” January 2017.
Funding Circle is supported by British Business Bank Investments Ltd, the commercial arm of the British Business Bank, a development bank wholly owned by the UK Government. In 2017, British Business Bank Investments Ltd committed £40 million, in addition to its £40 million commitment in 2014, alongside other investors, to support economic growth by providing more efficient finance to smaller businesses.
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More than 21,168 businesses have borrowed. Over 57,906 people are lending. £1,977,629,070 has been lent to businesses since 2010.
Within days we had an agreement, the money at a great rate and no second charge. The antithesis of what to expect from a bank.
Chancellor Philip Hammond has praised Funding Circle as a “real success story for British fintech” after the peer-to-peer (P2P) platform announced a new $100m (£82.5m) equity capital.
Funding Circle has secured an extra £40m from the Government to lend to small businesses, providing fresh capital at a time when business borrowing is facing a squeeze.