Who is behind Funding Circle?

Who is behind Funding Circle?

Funding Circle

Type Public
Industry Financial technology, peer-to-peer lending
Founded August 2010
Founder Samir Desai, CEO James Meekings Andrew Mullinger
Headquarters Queen Victoria Street, London, EC4

Is Funding Circle legitimate?

Funding Circle is a legitimate marketplace lender that connects business owners with a number of financing products. The platform is BBB-accredited and is an approved SBA lending partner.

Is Funding Circle SBA approved?

If you are looking for an SBA loan designed to carry your business through the COVID-19 pandemic, Funding Circle was recently recognized as an official SBA lending partner.

What is the maximum amount you can borrow for Funding Circle?

between $25,000 and $500,000
You can borrow between $25,000 and $500,000 with a loan from Funding Circle. You may be able to take out an additional loan once you’ve made six consecutive on-time payments on the first loan. However, the minimum loan amount is still $25,000 and your total combined debt can’t be above $500,000.

Is Funding Circle still lending?

Funding Circle is betting its longer-term loans and competitive rates with banks will bring more business its way. Funding Circle’s application process is quicker and easier than the process to qualify for an SBA loan. Funding Circle has changed our lives.

How does Funding Circle investors make their money?

As an investor on our platform, you are purchasing interests in business loans originated by Funding Circle. You collect on 100% of your pro rata share of the principal and interest (after the servicing fee) as businesses repay their loans, and you hold the entirety of the risk.

What bank does Funding Circle use?

“Not only has INTRUST recognized the investment opportunity available through the Funding Circle platform, but this expansion underscores that Funding Circle’s loans are often the best option on the market for American business owners seeking growth capital.

What happens after SBA loan is approved?

Once your loan is approved, estimates are that it should take approximately 5-7 business days for your funds to become available. By law the your lender has up to 10 calendar days to fund your account once it receives notification of your loan approval from the SBA.

How long does it take to receive Eidl funds after approval 2021?

If you’re approved for an EIDL loan, you’ll be sent an email with details on how much you’re eligible to borrow. Once you sign the agreement, loan proceeds will be deposited into your business bank account within five to 10 business days.

How do investors if applicable make their money Funding Circle?

Funding Circle connects businesses seeking loans with investors like you. You collect on 100% of your pro rata share of the principal and interest (after the servicing fee) as businesses repay their loans, and you hold the entirety of the risk.

Why is Funding Circle lending paused?

The peer-to-peer business lending platform closed its doors to retail money in April 2020 to focus on the government-backed loan schemes, which can only be funded by institutions. “Obviously retail investors aren’t able to participate in the RLS so we’d have a slightly uneven spread of loans if we were to open up now.

Is Funding Circle open to new investors?

Please note: We are not currently accepting new sign-ups and have paused new lending for existing retail investors. Lending directly to businesses through Funding Circle couldn’t be simpler.

What is fundfunding circle?

Funding Circle is a peer-to-peer lending platform that connects entrepreneurs in need of small business loans with a network of individual and institutional investors who are able to fund those loans. Funding Circle’s medium-term loans are a great option for accessing affordable business loans online and are a faster alternative to bank loans.

Who are Funding Circle’s Investors?

Since launching in 2010, investors across Funding Circle’s geographies — including more than 90,000 retail investors, banks, asset management companies, insurance companies, government-backed entities, and funds — invested $17.5 billion to 118,000 businesses globally.

Does Funding Circle offer unsecured business loans?

Collateral: Funding Circle does not provide unsecured business loans. They require a personal guarantee from any business owner with 20% or more ownership of the business. They’ll also require a lien on certain business assets including equipment, vehicles, accounts receivable, and inventory. They won’t take out a lien on real estate.

Is Funding Circle no longer targeting retail lenders?

Aside from the lack of liquidity caused by economic conditions caused by Covid-19, my opinion is that Funding Circle is no longer targetting retail peer to peer lenders, also known as lenders like you and I. Funding Circle is heavily invested with institutional money, which means money from big banks and investment houses.