British Business Investments, a wholly-owned commercial subsidiary within the British Business Bank group, has announced a £7 million commitment to Folk2Folk, a specialist marketplace lender for rural and regional smaller businesses.
British Business Investments aims to increase the supply and diversity of finance for smaller businesses across the UK, by boosting the lending capacity of a range of finance providers, including peer to peer and marketplace lenders. Since its establishment in 2014, British Business Investments has committed over £3 billion to providers of finance to UK smaller businesses.
Headquartered in Launceston, Folk2Folk specialises in providing finance to smaller businesses based in the UK regions, helping those who are looking to grow, develop or diversify in the post-pandemic and post-Brexit environment. The company has delivered £488 million of investment into regional smaller businesses, primarily within the south west, since 2013.
British Business Investments CEO Judith Hartley said: “British Business Investments is delighted to announce its £7 million commitment to Folk2Folk. In its recently published Regions and Nations Tracker report, the British Business Bank highlighted the funding issues for regional and rural smaller businesses. This commitment to Folk2Folk will help these types of businesses, in the south west and throughout the UK, to access the finance they need to grow and prosper.”
Folk2Folk MD, Roy Warren, added: “We are rapidly approaching half a billion in lending and the addition of British Business Investments as an institutional investor alongside our existing investor base, expands our funding lines and bolsters our position on the financial frontline of support for regional SMEs.”
