We’re thrilled to announce that Funding Options has been awarded a £5 million grant from Pool D of the Capability and Innovation Fund. With this grant we’ll deliver £0.5 billion of new alternative lending to UK small businesses by the end of 2022. This means that for every £1 of grant money received, Funding Options aims to deliver £100 in new lending to SMEs that are the backbone of the UK economy.
Conrad Ford, CEO and Founder, Funding Options, said:
“Small businesses are at the heart of the UK economy and it’s vital they are able to access a range of funding choices when they need it. Winning this grant from the Capability and Innovation Fund helps us accelerate our plans to help SMEs across the country achieve their goals. It will help us develop much needed technology solutions to support small businesses in local communities to access funding, and it will also enable us to continue to grow the alternative lending market. We have already delivered £0.25 billion in funding for more than 5,000 hard-pressed UK small businesses, from Cornwall to Skye, and from Northern Ireland to Norfolk.”
The funds will also be used to drive the wider adoption of Open Banking among UK SMEs, including an innovative new service to encourage small firms to seek a better business bank account provider. You can read our full public commitments on the BCR website.
Congratulations to all the other winners!