A Freedom of Information request seen by BI shows the British Business Bank money has funded 64 million worth of loans. Catherine Lewis La Torre, CEO of British Business Bank Investments, says in an emailed statement: “Peer-to-peer lending is becoming an increasingly important source of finance for smaller businesses, with AltFi data showing an 85% increase in lending via the sector from 2014 to 2015. “A key part of our remit is to support the development and growth of such finance markets, while earning an attractive, commercial return for the taxpayer. We look forward to seeing our latest commitment to Funding Circle enabling the growth and success of international business loans many more businesses across the UK.” The British Business Bank was set up by the government in 2012 with 1 billion of funding to increase funding to small and medium enterprises (SMEs). It does not finance SMEs directly but works through partners and intermediaries to extend funding. Funding Circle will loan the money it has secured to small British businesses.
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