Since the start of the COVID-19 pandemic, struggling SMEs and SMBs have found it more difficult to find the capital they need to survive. At the same time, alternative lenders like fintechs have had to adapt their plans in order to continue being a reliable source of financing. Such creativity will still be needed in 2021 as more opportunities arise.
Funding Circle closed its first asset-backed securitization of U.S. small business loans originated through its platform. The $198 million deal marks the debut of Funding Circle’s U.S. securitization sponsorship capability.
Funding Circle has lent more than $5 billion globally to small businesses including $1 billion lent to businesses in the U.S.
Funding Circle, a lending platform focused exclusively on small business, added Joanna Karger as U.S. head of Capital Markets, and Richard Stephenson as U.S. chief compliance officer.
Madison Street Capital acted as exclusive advisor in arranging a credit facility for TMAG Industries, dba Stellar Solar. The credit facility was provided by Funding Circle.