Folk2Folk, the national lender for regional businesses, has surpassed £500 million in lending with a record level of £108 million lent during 2021, almost double that of the previous year.
This represents a substantial 80% increase in the total value of completed loans by the regional lender when compared to 2020.
Launceston-based Folk2Folk’s largest single loan of 2021 was for £12 million, double the size of the company’s largest loan of 2020. The five largest loans were delivered into Devon, Ayrshire in Scotland, Dorset, Kent and East Sussex respectively.
MD Roy Warren said: “An 80% uplift in the total value of completed loans in just one year is significant by anyone’s measure and, coupled with our consistent and growing profitability, signifies a very exciting future for Folk2Folk.
“We are proud to have maintained our zero capital losses record through this period of growth and maintained a controlled default rate. However, our grip remains firmly on the tiller with regards to our internal credit processes and portfolio management.
“We are inspired every day by the energy and resilience we see in the business-owners we help. Our mission is, and always has been, to help create and sustain financially successful rural and regional communities. We deeply believe that the health of these local economies is essential for the UK’s post-Brexit, post-pandemic recovery and that is why we are unwavering in our determination to channel funding into new and existing businesses in these areas.”
