The bank’s aim is to expand choice for customers whose loan applications do not meet the bank’s criteria, by signposting them to 2-5 peer-to-business lenders (P2B) alongside other alternative finance sources. This will happen through conversations that the customer will have with a relationship manager or through documents included with correspondence.
Alison Rose, CEO Commercial and Private Banking commented: “We are committed to doing the right thing for our customers by helping them access finance where we cannot help them within our current risk appetite. I am delighted to see RBS partnering up with both Funding Circle and Assetz Capital. We are dedicated to supporting SMEs, whether they are an existing customer of RBS or not.”
Samir Desai, CEO and co-founder of Funding Circle said: “This partnership recognises our role as the largest marketplace for unsecured and secured small business lending. Partnering with the UK’s biggest small business high street lender is a huge vote of confidence in our model, and we look forward to working together to create thousands more opportunities for small businesses to access finance and grow.”
Andrew Holgate, MD of Assetz Capital, commented: “In the not very distant past, it would have been unthinkable for even a leading peer to peer lender to collaborate with a bank. However, it is clear that there’s a genuine desire emerging for banks to support SMEs more by introducing alternative lending industry options. We are proud to be working with RBS at the vanguard of this change and expect to deploy hundreds of millions of pounds at least over the next couple of years into great British businesses.”