Folk2Folk, a unique peer to peer lending firm that focuses on rural businesses, announced on Thursday its new partnership with institutional digital debt marketplace CrossLend as it continues to build its institutional investor-base. The collaboration comes just after Folk2Folk received accreditation approval for CBILS Coronavirus Business Interruption Loan Scheme (CBILS) by the British Business Bank.
Folk2Folk reported that through the partnership, CrossLend’s community of institutional investors will help strengthen Folk2Folk’s reach and open up the opportunity to deepen its investment pool as it looks beyond CBILS to widen its support for SMEs over the upcoming years.
“The partnership with CrossLend opens the door to institutional funding for the platform’s CBILS as well as non-CBILS loans.”
Speaking about the partnership, Roy Warren, Managing Director of FOLK2FOLK, stated:
“We’ve been steadily building our institutional relationships and our new partnership with CrossLend will expedite this further. We’re in the match-making business, so it made sense to use the same marketplace approach to introduce us to new institutional investors. CrossLend is a specialist at this and has a clear understanding of and respect for the FOLK2FOLK brand and business.”
Founded in 2013, FOLK2FOLK enables rural local businesses to grow, diversify, and develop by matching them to local Lenders through a peer-to-peer lending platform built on decency, fair exchange, and transparency.
“Our simple straightforward, local lending and borrowing is helping transform local economies to create socially and financially successful local communities. Our Lenders and Borrowers are part of a #LocalLendingMovement driven by a concept of Folkonomics which enables the free flow of capital within local communities.”
Folk2Folk has facilitated in excess of £360 million in secured loans to start ups and SMEs across a variety of sectors, including retail, manufacturing, agriculture, alternative energy, leisure and tourism, hospitality and property development. The lender added to date, no investor, retail or institutional, has lost any capital (though past performance is not a reliable indicator of future trend).