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Posted on Tuesday, 09 August 2011 09:23AM by

Funding Circle lends £1m to region's businesses

Online loans company Funding Circle has revealed it has provided funding to 34 businesses in the North West over the past year, providing a collective £1.1m.

The company, which offers loans of between £5,000 and £100,000, said the North West is the third highest recipient of finance behind London (£1.9m) and the South East (£1.3m).

A third of the businesses to benefit from funding in the North West are in the manufacturing and engineering sector (32 per cent). Healthcare (11 per cent), business/professional services (9 per cent) and IT (9 per cent) have also successfully secured funding.

James Meekings, co-founder of Funding Circle, said: "SMEs have been discarded by the banks for far too long. In many cases, they’re being unnecessarily turned down for funding and although this is true for some of the businesses coming to us for funding, the largest proportion is simply disillusioned by the banks and unwilling to pay over the odds for funding, or being put off by the arduous application process."

Funding Circle said 38 per cent of North West businesses have gained funding for growth reasons, 18 per cent for asset purchases and 41 per cent for working capital.