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Jan 5, 2017 · bdaily.co.uk
The government-backed investment firm, British Business Bank, has announced an eight-figure expansion to its lending efforts on direct lending platform Funding Circle.
Following on from the £60m that the British Business Bank has provided to more than 10,000 UK businesses, the development bank will today begin lending a further £40m to the country’s small business community.
According to the bank, its efforts on the platform have so far created an estimated 30,000 new jobs, while obtaining around £5m in cumulative net interest for the taxpayer and has helped to establish alternative finance as a mainstream source of business funding.
Catherine Lewis La Torre, CEO of British Business Bank Investments Ltd, described so-called, ‘AltFi’, as an increasingly important source of business finance with an 85% increase in alternative lending between 2014 and 2015.