Growth Street, the peer-to-peer marketplace that connects UK businesses with investors, today announces loans-under-management have reached £30m, with all-time lending now more than £80m.
Growth Street was founded in 2014 in the aftermath of the global financial crisis. It aimed to offer funding to SMEs severely constrained by the lack of bank finance, whilst providing investors with attractive potential returns.
Today, Growth Street is at the forefront of the non-bank finance industry, providing vital funding for growing British businesses, connecting SMEs directly with retail investors through its peer-to-peer online marketplace.
Growth Street’s flagship product, GrowthLine, works much like an overdraft: once a business customer is given a limit, they can draw down funds and make repayments as often as they like, within their limits.
Greg Carter, CEO of Growth Street said:
““This is an incredible milestone for Growth Street, and one that we will continue to build upon. We are determined to plug the funding gap left by high-street banks who are unwilling to fund the UK’s growing SME population, and today’s announcement shows we are making real strides towards that goal.
“When I talk to SME business people across the country, one of the greatest finance challenges they face is the rigidity of normal bank loans – this is where GrowthLine comes in. It provides businesses with an opportunity to consolidate their existing loans while borrowing what they need to grow sustainably.”
“It’s great to see that UK SMEs are looking ahead of Brexit and seeing the opportunities available to them. I’m very proud of our team and look forward to celebrating our next milestone.”