Wednesday, February 28, 2024
Finance

Atom Bank, Funding Circle to fund small businesses

lending

The current partnership is aimed at supporting SMEs through the latest phase of the government-backed Recovery Loan Scheme (RLS) offered by Funding Circle

Atom Bank and SME lending platform Funding Circle have entered an agreement to issue nearly £150 million in funding to small businesses.

Atom will provide the funds through Funding Circle’s data and technology platform. It has a long investment relationship with Funding Circle having completed three agreements. In total, Atom has lent nearly £800 million through its system.

The current partnership is aimed at supporting small and medium-sized enterprises through the latest phase of the government-backed Recovery Loan Scheme (RLS) offered by Funding Circle.

Lisa Jacobs, Chief Executive Officer at Funding Circle, said: Access to finance remains vital for small businesses, so we are delighted to once again be partnering with Atom Bank to help more small and medium-sized enterprises get the funding they require to win.

She added: The Recovery Loan Scheme is an important way for us to be able to say yes to more businesses in accordance with our medium-term plan, and we are continuing to extend our track record of delivering robust and attractive loan returns for our investors, despite the changing economic environment.

Dipesh Mehta, co-head of global capital markets at Funding Circle, added: We are delighted to strengthen our long-standing relationship with Atom Bank through this new lending partnership. We intend to build strong, long-lasting partnerships with our investors and repeat transactions are a testament to that.

He added: The partnership will help support more small businesses to access finance, and further demonstrates our track record at delivering robust and attractive investor returns in changing economic conditions.

Chris Storey, chief commercial officer at Atom Bank, said: This partnership forms a vital part of our ongoing commitment to UK business owners. We have an ambition to support as many Small and medium-sized enterprises as possible as we scale the bank, and continuing to leverage Funding Circle’s market leading tech provides us with a great way to deliver on that ambition.

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