Posted on August 19, 2022
Funding Circle has been accredited to join the Bounce Back Loan Scheme (BBLS) as the lender also announced a restructuring of its US team this morning resulting in 85 job cuts.
With bounce back loans Funding Circle has become the 24th provider to be accredited by the British Business Bank, and while it says short-term demand is “difficult to forecast”, existing Coronavirus Business Interruption Loan Scheme (CBILS) lending has originated £300m in new loans.
“Following our accreditation to CBILS, our UK business has reached its highest ever levels of origination and has represented 16% of approved CBILS loans since we joined the programme,” said CEO and founder Samir Desai in a trading update this morning.
Around 40 per cent of Funding Circle’s CBILS loans have been issued using the alternative lender’s instant decisioning technology, which can approve loans in as little as four minutes.
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