Peer-to-peer lenders get £110m boost
The Department for Business, Innovation and Skills (BIS) has revealed the first four successful alternative lenders who have won a share in a £110m pot of funding to help small businesses get access to finance.
Business secretary Vince Cable yesterday pledged £55m of government funding, via the Business Finance Partnership, to peer-to-peer lenders and other alternative lenders.
Match-funding from the private sector is expected to lever in a minimum of £55m.
The first four successful bidders for the funding are: