Funding Circle

Funding Circle is a peer-to-peer lending platform that connects small businesses with investors for various types of financing. The company was founded in 2010 and is headquartered in the UK, with operations in the US, Germany, and the Netherlands. Funding Circle primarily offers term loans ranging from USD 25,000 to USD 500,000, with repayment terms of six months to seven years. These loans can be used for various business purposes, such as expanding operations, purchasing equipment, or restructuring debt.

In addition to term loans, Funding Circle also facilitates Small Business Administration (SBA) 7(a) loans, which are government-backed loans with amounts ranging from USD 30,000 to USD 500,000 and terms up to 10 years. The company's SBA loan rates are typically the prime rate plus 2.75% to 4.75%. Furthermore, Funding Circle provides business lines of credit up to USD 250,000, enabling businesses to access funds as needed and pay interest only on the amount drawn.

Funding Circle's application process is entirely online, and loan decisions are generally made within 24 hours. Once approved, borrowers are assigned a personal account manager to guide them through the process, and funds can be disbursed within two business days for term loans or approximately 14 days for SBA loans. As of March 2023, Funding Circle had facilitated over USD 10 billion in loans globally.