British Business Bank Will Lend £10m Via Peer-to-Peer Lender

Government bank to start supplying sole traders, partners and business owners loans through finance provider RateSetter Government-owned financial institution the British Business Bank will lend £10m in loans from July 21 through the UK’s largest peer-to-peer lender, RateSetter, to provide valuable funds to small businesses. The Bank will lend exclusively through RateSetter’s business loans, which are tailored to the individual rather than the business – making funds accessible in days instead of weeks. The Bank’s loans will be targeted to individuals, sole traders or partnerships borrowing for business purposes; for the first £4m of funds, the Bank will lend 40% of any qualifying loan, before dropping to 20% for the remaining £6m – assisting in a total of £40m of lending. The Bank joins o... »