rebuildingsociety.com gives boost to businesses
TWO businesses have secured total funding of £55,000 through Yorkshire peer-to-peer lending platform rebuildingsociety.com.
Mowbray & Son, a Lincolnshire-based building company that works on public sector contracts, has secured £50,000 of working capital from rebuildingsociety.com’s community of lenders, with more than 30 lenders contributing to the total amount.
The loan is repayable over five years with lenders repaid monthly. Amounts loaned ranged from £10 to more than £1,000.
Hall Business Group, which required funds to translate a business book, borrowed £5,000 and will repay the amount over six months.
The deals are the first to have been completed by rebuildingsociety.com, which launched last year.
Daniel Rajkumar (pictured), who founded rebuildingsociety.com said: “We’re delighted to have facilitated these two loans. Our proposition is simple – through our platform we connect profitable businesses that want a loan with individuals who want to earn a good rate of return on their capital by lending as part of a crowd.
“Borrowers are UK businesses of all sizes. Their biggest barrier to growth is finance, but with alternative sources like rebuildingsociety.com emerging, there is no reason why well-run businesses should have their growth plans curbed.”
rebuildingsociety.com presently has six businesses looking for funds, with requests totalling almost £250,000.