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|New P2P loans to businesses up 27% in Q4|
|Wednesday, 18 January 2017|
Kevin Caley, Founder and Chairman of ThinCats, said: “The peer to peer sector continues to provide a real alternative for UK businesses in need of funding, while offering a far more accessible source of finance than high street banks. While the UK’s traditional lenders reported a decline in demand for loans from SMEs in Q4, the P2P sector saw the value of new loans to businesses rise 27% quarter-on-quarter. The sector also saw 4,000 more businesses turn to peer to peer for finance in Q4. This 16% rise was the biggest jump in 2016.
“SMEs employ the majority of people in the UK, and their performance has a profound effect on the health of the economy. By giving thousands more small businesses vital access to funding, the peer to peer sector has a crucial role to play in the UK in 2017. We anticipate this role will grow even faster once the major peer to peer platforms receive authorisation for their Innovative Finance ISAs, as a vast amount more capital will be introduced to the sector and made available to borrowing businesses.”
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