New lending paused for retail investors
We have made the decision to pause lending for retail investors during this period, and whilst there remains significant uncertainty in the economy.
Following the end of the Coronavirus Business Interruption Loan Scheme (CBILS), we continue to support small businesses through our business loans, including the Government’s new Recovery Loan Scheme (RLS), which will help small businesses trade through this period and, in turn, protect investor returns.
You can read more information about this change on our blog.
How will my existing portfolio be affected?
You won’t lend to any new businesses until we are able to re-open lending. You will continue to receive monthly repayments from the businesses you have lent to. The repayments will accumulate in your Funding Circle account and you will be able to withdraw available funds to your nominated bank account as frequently as you wish.
If you have a standing order set up, you may want to cancel this as any funds added to your account will not be lent out at this stage.
You will still be able to access all of the features and information in your account that you are used to seeing and our dedicated Investor Support team will be available to assist you, as normal, with any queries you may have throughout this time.
I have an ISA account, how will it be affected?
The funds you currently have in your Funding Circle ISA account will remain in their tax-free ISA wrapper. If you wish to transfer any available funds out of Funding Circle you will need to complete an ISA Transfer in order to retain the tax-free entitlement.
If you have funds from previous tax years in your ISA account you can make a partial transfer to another ISA provider. You can action this by completing an ISA transfer request with your new provider.
If you have transferred funds into Funding Circle this current tax year (i.e since 6th April 2021), only the full amount can be transferred to another provider. You are unable to partially transfer out any funds subscribed to an ISA in this current tax year.
Please note you can only transfer ISA funds out of Funding Circle that are available and are not currently lent out to businesses.