Peer to peer lender FOLK2FOLK hits £700m lending milestone
Peer to peer lender FOLK2FOLK has passed the £700m lending milestone, which it says cements its position as the largest P2P lending platform to small businesses in the UK.
Since its inception in 2013 FOLK2FOLK has connected hundreds of local businesses with investors, providing loans from £100,000 to help those businesses start, grow and diversify in every region of the UK. Investors meanwhile enjoy the security of property-backed investment opportunities delivering attractive returns – currently from 8.75% per annum – and a track record of zero capital losses to date.
FOLK2FOLK, which is based in Cornwall and Gloucester, said hitting the £700 million lending milestone shows its commitment to encouraging and sustaining regional growth by bringing small businesses and investors together, with resulting positive knock-on impacts for local economies across the UK.
Benefits range from job creation and house building to enhancing local supply chains and improving leisure and tourism facilities, the company said.
Roy Warren, Managing Director of FOLK2FOLK, said: "This achievement is testament to the trust and support of our borrowers and investors, and reinforces our mission to help create prosperity across the UK. We remain committed to providing fast, flexible, and friendly lending solutions that enable local businesses to thrive."
In the past 12 months, FOLK2FOLK has demonstrated its commitment to enabling regional business success with funding for projects including:
- A startup creating custom handmade cricket bats
- A Community Interest Company establishing shared community workspace
- The purchase and operation of local village stores with post offices
- The acquisition and improvement of a golf course
- Various property projects, from self-builds to larger-scale construction
- The development of an iconic site on the Devon coast into luxury accommodation
- A multi-million-pound renewable energy project
Mr Warren said FOLK2FOLK's approach to lending involves property-secured loans and a personalised lending process.
Investors can self-select their investments, earning a fixed monthly income while knowing their funds are making a difference in regional communities. With an impressive track record of zero capital losses to date, over the past year, FOLK2FOLK paid out £15.78 million in interest to investors.
