Funding Empire's model has always been very different to the others in the sector. From the outset they have accepted loan applications from all businesses irrespective of their trading time and legal entity. Currently, all other peer to peer loan platforms have a minumum trading time restriction of 2 years. The companies view was that it believed that all businesses in the UK should at least have the chance of applying for a peer to peer loan. So far only 10% of their loan applications have been from start-ups however that figure is growing quickly.
Funding Empire listed a loan request, last week, for a business that has been trading for 7 months. The loan request was for £20,000 over 3 years to Vinco Sales Ltd, specialists in the sale of portable accommodation & storage solutions. They are committed in meeting the requirements of our clients, be it a self storage facility, mobile lighting tower, workforce accommodation, portable building, storage container, generator or on site ancillary equipment and services. The MD has an extensive and credible background in this field, proved affordability and had a positive net asset position.
The loan request has attracted a fair amount of attention being the first of a kind. There is additional information displayed for loan requests from businesses trading less that 2 years i.e. business plan, CV's of Directors and supporting information gathered during the application and assessment processes to help lenders make a well informed decision before choosing to lend.
Funding Empire are also listing another loan request from a startup which is due to go live in the next few days.
To register and view this loan request click here