Government-owned British Business Bank to begin lending £10m through peer-to-peer lender RateSetter
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The Government-owned British Business Bank will next week begin lending £10 million through peer-to-peer lender
RateSetter.
The bank was set up with the goal of making financial markets work better for small businesses.
It will aim its lending exclusively at sole traders and owner-managers borrowing for business purposes.
Lending: Peter Behrens and Rhydian Lewis founded RateSetter
The loan is secured against individuals rather than the business, something that banks have been criticised for in the past.
Rhydian Lewis, chief executive and founder of RateSetter, said: ‘We have been talking to the British Business Bank for over 18 months.
'The Bank does thorough due diligence before making any commitment and we, too, wanted to make sure we were ready – as a business and as a marketplace.
‘We are getting to the parts of the economy that others aren’t.’
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