UK: Business Secretary Vince Cable announces funding for ‘peer-to-peer’ lending

Business Secretary Vince Cable pledged £55m to SMEs through P2P lenders. The cash will be split between Funding Circle, Zopa, Boost and Credit Asset Management.

Match-funding from the private sector would then contribute a further £55m, making at least £110m available to SMEs through web based lenders.

  • Funding Circle will receive £20m
  • Zopa will receive £10m
  • Boost will receive £20m
  • Credit Asset Management will receive £5m

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