L-R Matthew Gammell and Marcus Pickering of the Summerhall Distillery, producers of Picker-ing's Gin, and Stuart Lunn of LendingCrowd. Photo by Stewart Attwood
One year on from launching its partnership with Scottish Enterprise, alternative finance provider LendingCrowd has completed 33 loan deals worth £3m to Scottish companies.
Last October, Scottish Enterprise announced it would provide LendingCrowd with £2.75m to lend to Scottish SMEs across its platform. Since then, loan deals have been inked with fast-growth companies like the Summerhall Distillery, producers of Pickering’s Gin, restaurant chain Tony Macaroni and property lettings agency, Umega Lettings.
Stuart Lunn, CEO and co-founder of LendingCrowd, is targeting £15m of loans to Scottish SMEs in 2018, more than a third of forecast lending of £40 million across the UK next year.
Stuart Lunn said: “The flexibility of our funding packages combined with our ability to offer a highly personalised service and much quicker turnarounds on loan decisions than are available on the high street are starting to make an impression in the Scottish market.
“LendingCrowd has seen significant growth in 2017 and is anticipating doing £18m of deals this year, versus £4.5m in 2016. Much of the growth in investor funds on the platform results from LendingCrowd launching its ISA in February this year.”
To help drive growth and scale the business, former RBS and Clydesdale Bank director Adrian Innes joined LendingCrowd as Head of Origination in September and now leads business development activity.