Folk2Folk, the Peer-to-Peer lending platform for local and rural businesses, has now lent £200 million.
The company says the lending milestone was reached thanks to a growing community of local lenders who have placed £20k or above on its platform. The average lent per lender now exceeds £65k. Lenders receive 6.5%pa interest which is paid monthly, helping them achieve their financial goals.
Folk2Folk CEO, Giles Cross, said: “Reaching £200 million lent highlights the important role Folk2Folk plays in rural areas, providing a lifeline to many businesses seeking debt finance for growth, diversification or development.
“That said, £200 million lent cumulatively isn’t the metric that really excites me. What motivates me is not the volume of money lent but the number of businesses we’ve helped access the capital they need to secure their growth, development and diversify. That’s the number I care about the most, and I’m excited that Folk2Folk will continue to help hundreds more businesses across rural communities as we grow.”