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Government Plans to give £100m to Alternative Lenders
31 May 2012
In an attempt to reduce the reliance of SMEs on bank lending, Vince Cable today announced plans to invest £100m of government money with alternative lenders.
Innovative on-line firms in the growing peer-to-peer lending space are set to benefit. Funding Circle, which directly connects people who want to invest with firms looking to borrow, is set to apply for £30m. Likewise, Market Invoice, the on-line auction site which allows firms to raise money from outstanding invoices, is also applying for £30m.
With banks still dominant in the SME lending market, this move signals the government's support for alternative sources of finance.
We interviewed Samir Desai from funding circle here and keep your eyes peeled for our upcoming interview with Market Invoice's Anil Stocker.
Innovative on-line firms in the growing peer-to-peer lending space are set to benefit. Funding Circle, which directly connects people who want to invest with firms looking to borrow, is set to apply for £30m. Likewise, Market Invoice, the on-line auction site which allows firms to raise money from outstanding invoices, is also applying for £30m.
With banks still dominant in the SME lending market, this move signals the government's support for alternative sources of finance.
We interviewed Samir Desai from funding circle here and keep your eyes peeled for our upcoming interview with Market Invoice's Anil Stocker.
