Peer-to-business lending platform rebuildingsociety.com is increasing the amount that can be borrowed through its platform from £50,000 to £250,000.
The site has now advanced a total of £340,000 to 9 businesses and the platform is looking forward to welcoming borrowers looking for larger amounts.
Julian Wells, rebuildingsociety.com’s marketing director, said: “Our model is proving popular with brokers, business owners and individuals who want to lend to businesses.
“In the last month we have seen a sharp rise in new lenders registering with us and feel we have the funds and lending appetite to get these deals done. I would encourage brokers who might have waited to see how we get on, to get back in touch because we’re certainly open for their business.”
While loans up to £50,000 can be supported by a director’s personal guarantee, loans over £50,000 must be secured on an asset or an all-asset debenture must be offered by the borrower.