Marketplace lending company Funding Circle (LSE: FCH) announced on Thursday that despite the outbreak of COVID-19, it is reassuring investors that it is taking appropriate measures to respond to the situation and give them details on the various issues that are currently going on through its platform.
“As a responsible lending platform, protecting returns through this period is our priority for investors. We have already made changes to our risk models and we’ll continue to closely monitor our credit policies and make further adjustments where necessary to protect your returns. We will provide further information on the work we have done to protect your returns in the coming days.”
Funding Circle further noted that it is well set up to continue to support its customers throughout this uncertain period. It is currently following government guidance to work from home where possible and its team is already working remotely.
“We have always prided ourselves in serving the thousands of small businesses that are an important engine of growth for the UK. We know that some of them will be affected by coronavirus and we are working with them to support them through this difficult period. We have increased capacity in our teams to provide support, helping them to navigate this difficult period and continue to service their loans. We have a range of potential measures we can use and work with each business on an individual basis.”
Funding Circle went on to add that while the Bank of England has announced it is cutting the base rate to 0.1%, this move does not affect any projected return, as each loan is assessed on a case-by-case basis and given a fixed interest rate.