Funding Circle sees increased demand for business finance
Funding Circle has reported increased demand for business loans in the first quarter and an uptick in customers requesting larger loans.
The business finance provider, which left the peer-to-peer lending space last month, said the increased demand for finance was partly due to borrowers protecting themselves from supply chain issues, while others are “keen to invest in and grow their businesses again after the pandemic”.
Funding Circle also said that it has made changes to its application process to ensure a smoother experience.
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“Thanks to improvements to our instant decision technology, the time between completed application and offer was reduced by around 30 per cent compared to the fourth quarter,” the firm said.
“With 66 per cent of businesses saying faster access to finance was important in our recent economic impact report, it shows that we’re as focused as ever on making it quicker and easier for businesses to get funding.”
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