Scottish Enterprise partnership helps LendingCrowd fund 33 Scottish SMEs
A year on from its partnership with Scottish Enterprise, LendingCrowd, Scotland’s only alternative finance provider to SMEs, has completed 33 loan deals to Scottish companies to the tune of £3 million.
Last October, it was announced that Scottish Enterprise would provide LendingCrowd with £2.75 million to lend to Scottish SMEs across its platform. Since then, loan deals have been inked with fast-growth companies like the Summerhall Distillery, producers of award-winning spirits brand Pickering’s Gin, restaurant chain Tony Macaroni and property lettings agency, Umega Lettings.
Stuart Lunn, CEO and co-founder of LendingCrowd, is targeting £15 million of loans to Scottish SMEs in 2018, more than a third of forecast lending of £40 million across the UK next year.
LendingCrowd enables retail and other investors to invest in SME loans using an industry-leading technology platform. Since launching in 2014, LendingCrowd has become fully authorised by the Financial Conduct Authority, launched an ISA product for investors and agreed a partnership with Scottish Enterprise whereby its investment arm, the Scottish Investment Bank (SIB), has agreed to invest £2.75m in LendingCrowd loans.
LendingCrowd has over 4,000 investors signed up to its platform. Deals range in size from £20,000 to over £1 million
Stuart Lunn said: “The flexibility of our funding packages combined with our ability to offer a highly personalised service and much quicker turnarounds on loan decisions than are available on the high street are starting to make an impression in the Scottish market.”
“LendingCrowd has seen significant growth in 2017 and is anticipating doing £18 million of deals this year, versus £4.5m in 2016. Much of the growth in investor funds on the platform results from LendingCrowd launching its ISA in February this year.”
To help drive growth and scale the business, former RBS and Clydesdale Bank director Adrian Innes joined LendingCrowd as Head of Origination in September and now leads business development activity.
Why innovation and marketing are the perfect partners to make changes that matter￼
With the rapid evolution of traditional marketing and the appearance of digital marketing, technology and innovation has become part of any marketer’s life without the need of working for a…
Transitioning to a four-day week – CEO’s vow to strike a healthier balance in the workplace
I came to Scotland nearly 20 years ago from Ireland, with no contacts but a lot of determination. While Ireland will always be my home, Scotland has given me amazing…
Women Lead: The female-led company championing intuitive working
Over the last two years, the pandemic forced a shift to more remote and flexible working practices. Whilst we might be seeing a “return to normal”, some companies are choosing…
Women Lead: My passion for young people to consider a career in digital
Twenty years ago, I stumbled across my career in digital marketing almost by accident. It was during my honours degree in marketing at Glasgow Caledonian University. I was on work…
Women Lead: Inclusive Silicon Valley cohort gives hope to entrepreneurs from diverse backgrounds
Things are happening on the Scottish tech scene. Big and small initiatives are creating a fantastic ripple effect on the sector, bottom up and top down, thanks to the recommendations…
Women Lead: The story of an entrepreneurial scientist
I first arrived in Scotland over 20 years ago. I had £75 in my wallet and a scholarship offer to do a PhD at the University of Edinburgh. Sometimes I…
Please mind the gap… or healthcare may fall
Imagine sharing a lengthy train journey with others. From beginning to end, imagine how often you might hear ‘mind the gap’ messages about embarking and disembarking safely. Picture how navigating…
Women Lead: My journey from Dragons’ Den to Silicon Valley
Following her appearance on Dragons’ Den, Sheila Hogan, serial entrepreneur, founder and chief executive of digital legacy vault, Biscuit Tin, shares her experience of her time in the Den and…