Folk2Folk surpasses £300m lending milestone

Folk2Folk has announced that it has surpassed £300m of lending.

The P2P lender has hit the milestone following an increase in the size of its community of individual lenders.

It has supported SMEs in a range of sectors, including agriculture, alternative energy, leisure and tourism, hospitality and property development.

According to data by Brismo, Folk2Folk is now the third largest P2P lender to UK businesses in terms of gross origination volume in the last 12 months.

It provided £60.3m in the last year.

Roy Warren, interim managing director at Folk2Folk (pictured above), said: “Reaching the £300m milestone highlights the important role Folk2Folk plays in providing a lifeline to many local and rural businesses, as well as providing an additional source of monthly income for our lenders’ savings pots.

“Helping local businesses have access to much needed capital to secure their growth, development and diversification is at the heart of what we do.

“The local lending movement can transform local and rural communities by enabling the creation of jobs and revenue opportunities.”

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