Funding Circle has committed to the updated SME Finance Charter to support businesses post-Covid.
The charter was initially launched in October 2019 to support for small- and medium-sized enterprises (SMEs) during Brexit, but it has been updated to reflect the challenges of the pandemic and supply chain disruption.
The new version contains five overall pledges which have been signed off by the Business Finance Council, a collaboration between lenders, business organizations and government.
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Funding Circle said it is proud to be working with the government as part of the Business Finance Council and has committed to the five pledges of the updated charter.
These include being open for business and ready to lend, helping businesses build back better after the pandemic, supporting their applications and signposting other options if needed, treating them fairly at all times, and working with the government-owned British Business Bank (BBB) to support SMEs.
The platform, which left the peer-to-peer lending space in March, said it has worked with the BBB since 2013, helping them lend more than £250m to UK businesses. Funding Circle said that it is proud of its role in supporting companies during Covid as the third-largest coronavirus business interruption loan scheme lender.
It continues to help businesses through short and long-term lending products and the recovery loan scheme.
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“We’re proud to be working with the UK government as part of the Business Finance Council, and we’ve committed to the new updated SME Finance Charter to ensure small businesses continue to receive support and access the finance they need to grow,” Funding Circle said in a blog on its website.
“The SME Finance Charter is a commitment by finance providers to support small businesses in the UK through Covid-19 and beyond. It consists of five principles which reflect priority areas that the government and finance providers have identified in ensuring that SME finance works effectively.”