NFS is an accredited introducer for Funding Circle, an on-line market place where established and creditworthy businesses can secure business funding and loans by borrowing directly from people and communities. Any type of business (except for sole traders and small partnerships) may obtain finance from Funding Circle, but they must meet minimum criteria:
- The business must have been trading for at least 2 years/have 2 years filed accounts.
- The business must have a UK bank account.
- The business must be based in the UK.
- The business must have no outstanding CCJ's in excess of £250.
Funding Circle business loans are:
- From £5,000 to £75,000.
- 1 or 3 year terms.
- Fixed rate.
- Repayment monthly.
- Normally unsecured, although some loans may require director guarantees.
On application, potential borrowers are allocated a risk band which defines the minimum target interest rate the applicant can set. The application then goes into a lender auction and it is possible that the final interest rate may be lower, dependant on lender interest. In addition to the interest, Funding Circle charge a variable completion fee, payable only if the applicant takes the loan offered. Unlike dealing with the banks there are no other charges or early repayment fees.
The application form can normally be completed in 20-30 minutes, with funds being available within 14 days following approval.