The British Business Bank (BBB) has accredited Funding Circle to the Government’s Coronavirus Business Interruption Loan Scheme (CBILS). This will allow us to help small businesses access crucial government-guaranteed loans during this unprecedented time.
To ensure we are helping as many small businesses as possible, we have taken the decision to focus solely on originating loans through the CBIL scheme during this period. Retail investors are not currently able to participate in these loans, therefore new lending for all retail investors will be temporarily paused from 17th April 2020.
This is a temporary measure and long-term we remain committed to providing retail investors access to small business loans through our platform.
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 from 17th April 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 2020), 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.