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Lease Team

Funding Circle broker channel lends £1 billion

19/10/2018

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 Funding Circle, the global small business loans platform, has told us that its broker channel has reached a milestone of £1 billion facilitated to small businesses in the UK. This follows the promotion of Tom Shave to Head of Broker. 

 After four consecutive record-breaking quarters, the in-house broker team has now supported the growth of 9,600 British businesses. The milestone follows a significant promotion within the team, with Tom Shave now heading up the team in the UK. Since joining in 2013, Tom has helped to develop a diverse network of introducers – big and small – across the country who all share Funding Circle’s passion for offering small businesses a first class service. 

Tom Shave, Head of Broker UK at Funding Circle, said, “Working with brokers is, and always has been, a hugely important part of our business. Reaching £1 billion lent through the broker channel is an incredibly exciting milestone as it means that we’ve helped thousands of small businesses to fund their growth ambitions. I’m looking forward to growing this part of the business even further as we continue on our mission of becoming the first choice for small businesses across the UK.”

Small businesses make up 50 pct of UK GDP and 60 pct of private sector employment yet continue to face difficulties accessing finance through traditional channels. After Britain voted to leave the European Union in 2016, net lending (total minus repayments) by the banks to small firms fell significantly, turning negative in the last quarter of 2017 (£-74m). At the same time, the size of the UK’s small business sector has grown by 28 pct since 2011.


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