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Funding Circle business team
0800 098 8841
credit@fundingcircle.com

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Funding Circle Business Loans partnership with Lancashire

Funding Circle is a peer-to-peer business loans provider and in partnership with Lancashire County Council, any eligible Lancashire based businesses can borrow up to 1 million for a period of up to 5 years. The loan will be funded by people from around the UK alongside Lancashire County Council.

Scope/Activity

Funding Circle loans are available to UK businesses that:

have a minimum annual turnover of 100,000
is limited companies or limited liability partnerships
have 2+ years' filed accounts with companies house.

These business loans can be used for a wide range of purposes, including growth capital, working capital, new asset purchase, property development and more. Lancashire County Council will participate in loans where the business is using the funding to drive growth and / or additional employment.

Where a local business has passed Funding Circle's criteria but is not eligible for the Lancashire County Council lending, their loan will still be funded but the mix of investors providing the finance will not include the council.

What it involves;

Funding Circle offers the following types of business finance:

1. Unsecured loans
2. Secured loans
3. Asset finance

There is one short application process for these loans which involves the following steps:

Step 1: Apply
Applicants simply fill in the online application form in 20 minutes. A member of Funding Circle's credit assessment team will give you an answer on the application within 2 days.

Step 2: Live loan auction
All successful loan requests are listed on the marketplace as a new auction.
Registered Funding Circle investors will then start bidding amounts of money at competitive rates.
Over time, the higher rates will get knocked out of the bidding process as more competitive bids are placed.

Step 3: Accept your loan
You can accept the loan as soon as it's fully funded. Alternatively, you can keep it live on the marketplace for a maximum of 14 days, to see if the rate will come down any further as other investors bid.
If you have applied for an unsecured loan: once you have accepted the loan online Funding Circle will transfer the fund to your account on the same working day (or, for asset finance loans they pay the supplier directly).

Eligibility

Minimum Criteria
A minimum annual turnover of 100,000
Businesses need to be limited companies or LLPs
2+ years' filed accounts with companies house in order to apply
Directors: UK resident
No CCJs over 250

Company Location:
Funding Circle provides loans to businesses from anywhere in the UK.

Lancashire County Council will lend only to businesses within the council area.

Company Sectors:
Funding Circle provides loans to all sectors within the UK.