Funding Options secures £5m from the Capability and Innovation Fund to expand lending to small businesses
The company has received a £5m grant from Pool D of the Capability and Innovation Fund to deliver £0.5bn in alternative lending by the end of 2022.
Funding Options operates a marketplace connecting small businesses with alternative lenders. The platform helps firms secure finance quickly through digital technology.
Funding Options has secured £5m in grant funding from Pool D of the Capability and Innovation Fund administered by RBS. The company intends to channel the capital towards delivering £0.5bn of alternative lending to UK small businesses by the end of 2022.
Chief executive Conrad Ford noted that the injection will support the development of technology solutions for local enterprises and foster wider adoption of Open Banking among smaller firms, including a service promoting bank account switching.
From the founder
"Small businesses are at the heart of the UK economy and it’s vital they are able to access a range of funding choices when they need it. Winning this grant from the Capability and Innovation Fund helps us accelerate our plans to help SMEs across the country achieve their goals. It will help us develop much needed technology solutions to support small businesses in local communities to access funding, and it will also enable us to continue to grow the alternative lending market. We have already delivered £0.25 billion in funding for more than 5,000 hard-pressed UK small businesses, from Cornwall to Skye, and from Northern Ireland to Norfolk."
Conrad Ford
CEO and Founder at Funding Options
Use of funds
- 01Continue product development
- 02Fund the next phase of growth
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About the company
Funding Options
Funding Options connects small businesses with alternative lenders.