Folk2Folk, a Peer-to-Peer lending company, announces the launch of a new lower interest rate for Borrowers to help kick-start small businesses looking for capital in the post-Brexit marketplace.
Folk2Folk, winner of the Best Lending Platform for Small Businesses by AltFi, has launched the lower interest rate loan in response to the aftermath of Brexit in order to help businesses who are still looking for funding to grow and expand, but are concerned by the current economic uncertainty.
Dependent on meeting certain criteria, Borrowers will now be able to draw upon a 5.5% interest loan, a reduction of 1% on the 6.5% rate Folk2Folk will continue to offer. The lower rate will help make capital more accessible and reduce the cost of a Folk2Folk interest-only loan by 15% per month.
Jane Dumeresque, Folk2Folk CEO, said: “Brexit has caused many small businesses to exercise more caution when planning investment in their business due to concerns over the wider British economy. We think that offering a lower rate option now is the responsible thing to do to help stimulate local economies.
“Borrowers will be hard pushed to find a better all-round offer and few P2P companies can provide such a competitive interest rate. We are confident that the reduced rate can help play its role in helping small businesses access affordable finance to grow and expand. Lenders we have spoken to are supportive of us offering this new rate to re-energise local economies.”