Starling Bank and Funding Options join hand to support SMEs recovery
There were 5.98 million private businesses that contributed to the UK’s economy in the year of 2020. SME accounted for 52% of turnover in 2020 and 60% of private sector jobs totalling 16.6 million jobs. Now Funding Options has joined forces with UK’s digital bank Starling Bank to deliver business-critical access to finance as SMEs across the UK rebuild following a turbulent year.
Starling Bank, which has a 5% share of the UK SME market, has become the latest member of the leading SME finance marketplace Funding Options’ ever-growing lending panel, which now numbers in excess of 120 active lenders.
Recovering UK’s SME post-pandemic
As per the company’s press release, the partnership is very positive for the UK SME finance sector, with the challenger bank having issued more than £2bn of government-backed loans during the pandemic – with two-thirds of recipients outside London. It has ambitious plans to grow its SME account base over four-fold to hold 18% of the UK market over the next five years.
Helping with suitable finance options through technology
Similarly, active during the post-pandemic period, Funding Options has processed more than £850m of CBILS loans, leveraging its proprietary technology to match companies with suitable lending options in minutes. The finance platform has already helped over 10,000 SMEs access the funds they need, quickly and easily.
Helen Bierton, Chief Banking Officer at Starling Bank says: “By forming lending partnerships with credit brokers such as Funding Options, Starling is making it easier for small businesses to get access to the funds they need to survive, grow and flourish.”
Stuart Lawson, CRO at Funding Options said: “This partnership with Starling Bank is yet another strong signal to business owners that Funding Options will do everything to drive competition in the SME lending market and champion business growth by offering fair, cost effective and competitive choice.”