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£75,000 loan for Spalding business
21st June 2011
The largest online money lender Funding Circle specialises in providing loans for small businesses, and has now finalised a large deal with Welland Power Engineering, who are based in Spalding. The family-run engineering firm has secured a loan of £75,000 to expand the business throughout Europe.
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Welland Power Engineering put together electrical generation equipment are looking to increase their business abroad within the next twelve month periods, by purchasing new stock and bringing in two specialists to make output greater and more efficient. Director of the company, Charles Farrow, said that the dealings with the online loan provider was quite simple; ‘Funding Circle was extremely easy to use and the transfer of funds was quick – we received our funds 18 days after applying online – enabling us to kick-start our growth plans earlier than expected. We look forward to working with the lending platform in the future as the business continues to grow from strength to strength.’
Funding Circle works primarily with small, well-established businesses in the UK, providing them with loans of between £5,000 and £75,000 with specialist rates going as low as 6.4%. One point that makes the provider popular is that they can give access to the funds within two weeks of having the application approved. The lenders have offered out over £15million since August 2010, to many small firms who are happy to take advantage of the lower rates available – which are unlikely to be found from most banks of building societies.
Co-founder of the Funding Circle, James Meekings, was happy with the deal and looks forward to helping the company move forward; ‘We are extremely pleased to have been able to provide Welland Power Engineering with a loan facility which will help take the business to the next stage.’ he said, adding; ‘Not only will it allow the business to expand overseas, but the wider community of Lincolnshire has already benefited from extra jobs, thanks to the demand for additional staff.’
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