Business
Update on Government Schemes
Update on Government Schemes.
About this update from Funding Circle Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 3195S\n Funding Circle Holdings PLC\n 08 July 2020\n \n \n \n \n Funding Circle Holdings plc\n \n \n UPDATE ON GOVERNMENT SCHEMES\n \n \n Embargoed until 7.00am, 08 July 2020\n \n \n THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014\n \n \n Funding Circle Holdings plc (\"Funding Circle\"), the leading small and medium enterprise (\"SME\") loans platform, today provides an update following accreditation to the British Business Bank's (BBB) Coronavirus Business Interruption Loans Scheme (CBILS) and the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP). \n \n \n \n Samir Desai CBE, CEO and Founder said\n \n : \"Our advanced technology, data analytics and originations platform is playing its part in helping thousands of small businesses to access important funds during this time of crisis.\n \n \n Following our accreditation to CBILS, our UK business has reached its highest ever levels of origination and has represented 16% of approved CBILS loans since we joined the programme. Similarly, in the US we have helped protect thousands of jobs at small businesses through PPP loans.\n \n \n Our focus as a group remains on delivering our long-term priority of profitable growth. Our U.K. business was operating profitably in H2 2019 and continues to make good progress. Given the impact of COVID, we are introducing changes in the US to accelerate the US business's path to profitability.\"\n \n \n UK update\n \n \n ● Funding Circle was accredited to CBILS at the end of April and began participating in the programme in early May following the completion of legal and operational approvals.\n \n \n ● Since becoming accredited we have helped thousands of small businesses access much needed funds. We have approved c.£460m of applications through the CBILS programme and originated c.£300m as at 30 June. June was a record month for originations, up approximately 30% year-on-year.\n \n \n ● Funding Circle has represented approximately 16% share of the number of loans approved since we began participating in CBILS.\n \n \n ● Approximately 40% of loan applications have been serviced by our new instant decision lending technology. We are ahead of the expectations we had when we set out our end of year target at our results in ...