News Column

British Business Bank to offer loans through peer-to-peer lender

July 13, 2014

By Vicki Owen, Financial Mail on Sunday, London



July 13--The Government-owned British Business Bank will next week begin lending pounds sterling 10 million through peer-to-peer lender RateSetter.

The bank was set up with the goal of making financial markets work better for small businesses.

It will aim its lending exclusively at sole traders and owner-managers borrowing for business purposes.

The loan is secured against individuals rather than the business, something that banks have been criticised for in the past.

Rhydian Lewis, chief executive and founder of RateSetter, said: 'We have been talking to the British Business Bank for over 18 months. The Bank does thorough due diligence before making any commitment and we, too, wanted to make sure we were ready as a business and as a marketplace.

'We are getting to the parts of the economy that others aren't.'

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(c)2014 Daily Mail (London, )

Visit the Daily Mail (London, ) at www.dailymail.co.uk/home/index.html

Distributed by MCT Information Services


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Source: Daily Mail (London, England)


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