Peer-to-peer lending platform for local and rural businesses Folk2Folk has now lent £200 million, it announced today.
The £200 million has helped hundreds of businesses across the UK, primarily in in agriculture, the visitor economy and property sectors.
The lending milestone was reached thanks to a growing community of local lenders who have placed £20,000 or above on the platform. The average lent per lender now exceeds £65,000. Lenders receive 6.5%pa interest which is paid monthly, helping them achieve their financial goals, whether it be an additional income for retirement or funding a life event like a once in a lifetime holiday.
Giles Cross, Folk2Folk CEO, 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."