Good news for SMEs who just can’t tap into the money markets via the traditional banks. The UK government has announced that four leading peer to peer loan websites are to be given £110 million specifically to offer credit to small businesses, reports commerce website BusinessZone.
The 4 websites are Funding Circle, Zopa, Boost & Co and Credit Asset Management Limited. The funding is part of the UK coalition governments efforts to create alternative credit avenues beyond the traditional banks. The peer to peer lending industry has received positive press in recent times, as it appears to be a genuine solution to the ongoing credit squeeze that many SME’s have faced since the start of the financial crisis.