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SMEs looking to raise finance have traditionally been tied to bank funding, but recently there have been significant changes.
Peer to peer (P2P) business lending is one new way of raising finance. It can be a direct alternative to a bank loan, and currently over 35,000 UK businesses have P2P loans, according to data published by the P2P Finance Association. Typically investors lend small parts of individual loans, with the online system making it easy for lenders to participate across multiple loans. Borrowers can access loans ranging from a few thousand pounds up to several million.
P2P lending platforms require online applications, each with its own qualifying criteria. Borrowers usually need a trading track record and would have to submit financial accounts. Whilst interest rates may be higher than bank finance, P2P can have the edge in terms of speedy decision-making.
There are safeguards and guidelines: the Financial Conduct Authority (FCA) regulates P2P. P2P loans can be held in a new Individual Savings Account – the ‘Innovative Finance ISA’ possibly making P2P even more attractive to lenders. Information on P2P lending and links to lenders is available at http://p2pfa.info
Why not contact Wilkes Tranter & Co Limited today for more information or a FREE no obligation quote.
Chancellor Rishi Sunak has announced a new £4.6 billion package of grants to support businesses through the latest national lockdown.
Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (CJRS) until the end of April 2021.
As always, the wellbeing of our staff and clients remains our priority and is at the forefront of our mind when considering our response to the current coronavirus situation. At present our office remains open during normal working hours however we are discouraging face to face contact and are moving to telephone/ e-mail communication wherever possible in an effort to protect ourselves and our clients.
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Please be assured that we will be continuing to offer the best service and advice during this difficult period.
We will continue to closely monitor government advice on the situation and act accordingly.