Funding Circle Releases an Update on UK and US Business

Funding Circle released a trading update today that provides some insight into how they are doing in the UK and the US; the leading small business lender has originated £300 million in new loans under the Coronavirus Business Interruption Loan Scheme (CBILS) and they have just been accredited for the Bounce Back Loan Scheme (BBLS) to provide loans up to £50,000; CEO Samir Desai said, “Following our accreditation to CBILS, our UK business has reached its highest ever levels of origination and has represented 16% of approved CBILS loans since we joined the programme.”; the big news from their US business is that they are doing a restructuring that will result in the loss of 85 jobs; they are consolidating their tech team from their San Francisco office into the UK and moving sales and marketing to their Denver office; Funding Circle in the US has approved approximately $800 million in PPP loans. Crowdfund Insider.

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