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Updated: 13 December 2023
At Funding Circle, we’re always looking at new innovations and improvements we can make to better support our Introducer community and their clients. 2023 was no exception, and below you can see some of the highlights from the last year.
FlexiPay is a line of credit and business credit card that gives business owners more control and flexibility in how they manage their cash flow. When you apply for a loan on a client’s behalf, we can now assess them for FlexiPay at the same time. That means they can could receive an offer for both products, giving them the investment of a term loan and the flexibility of access to short term finance.
Find out more about FlexiPay here.
We’ve made it easier for your clients to amend their offer when asking for lower amounts or a longer term. In 2024 we plan to expand the scope of re-offer requests we can service, and even let the broker update the re-offer from the provisional offer page.
In the summer of 2023, we began offering loans under the new Government Recovery Loan Scheme, as well as our Funding Circle business loans.
This Government-backed scheme allows us to say yes to even more businesses, and provide access to the finance your clients need to adapt, thrive and drive their business forward. We’re accredited to provide loans of £25,001-£250,000.
Simply fill in our application as normal and we’ll assess which product your client is eligible for. If we’re able to offer a loan on the same or better terms without RLS, we will do so.
We can now help hundreds more businesses through our short term loan scheme who historically we have had to decline. That means more offers for your clients.
To streamline the management of inflight applications, we’ve added more detailed application statuses to the broker portal so you know exactly where your application is in the pre-offer journey and who needs to take action.
We’ve also provided admin users with greater rights to work and manage applications submitted by your brokers. So you can keep applications moving even when your team is away from work.
We’ll continue to update our offering in line with customer needs and market conditions, and we already have some exciting projects in the pipeline for 2024.
We’ll be in touch about these new features, but if you have any further questions please get in touch via your dedicated BDM, or at broker@fundingcircle.com.
We can now offer your limited company and LLP clients loan decisions without affecting their credit score.
We’ll only run a hard credit search if your client takes their loan, meaning they can assess their decision with peace of mind, and see what they can borrow without risk or obligation.
With the economic environment becoming more turbulent towards the end of this year, we decided to make some changes to our business loans so we could continue to lend responsibly, and stay competitive in the industry.
Our loan amount is now 40% of turnover and our rates now range from 7.9% per year, to ensure our loans still remain affordable, while considering any future economic changes which may impact repayments.
We updated the way our team operates to provide an even more tailored service to our broker community. By assigning our brokers their own BDE as a point of contact, as well as an assigned BDM, we’re able to strengthen the relationships we have with our brokers, as well as speed up our response and application times through the funnel.
After hearing feedback from our brokers, we tweaked our Communities portal to allow you to track the progress of applications more thoroughly, and see a reason for rejection.
In order to support even more businesses, we launched our short-term loans in July. Designed to help younger businesses and those who are not eligible for a standard Funding Circle loan, these loans help us say yes more often, and give thousands more businesses access to finance.
Short-term loans are now a popular part of our offering, ranging from £10,000 to £50,000 and coming with 1-2 year terms.
In June, we decided to offer full commission to our brokers as a thank you for referring so many SME clients to us – and we’re proud to still offer this benefit today.
During the Government loan schemes, customers could only borrow a maximum of 25% of their turnover. So when the Recovery Loan Scheme ended, we made a strategic change to offer loans of up to 60% of turnover, giving your clients the flexibility to take their business where they want it to go.
At the start of the year we launched a new cutting-edge application process that allows us to process documents quicker and provide instant decisions for most customers.
As well as making the process smoother for our Introducers, this application also features a re-offer function – so you can provide your client with more options if their offer is rejected.
If you have any further questions about any of our updates, please get in touch via your dedicated BDM, or at broker@fundingcircle.com.
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