Coming out of a financially difficult time for 2016 many business are adopting new business practices that are leaving them smarter and richer for the current year. Many companies are turning to Funding Circle to know do business with and help them to grow with their small business loans in the future.
Key Takeaways:
- Online lenders are emerging from a scandal-plagued 2016 older, wiser—and now richer. Small-business loan platform Funding Circle has raised an additional $100 million in equity funding, cofounder and U.S. managing director Sam Hodges said today.
- Last spring, following a loan-doctoring scandal at Lending Club—at the time, the industry leader—capital for online lending startups became harder to come by and many suffered layoffs. Avant, Prosper, and Lending Club cut staff by the hundreds.
- Success on that front will hinge on winning over new types of customers, such as sole proprietors. Some sole proprietors and owners of smaller-cap businesses have been turning to personal loan products, industry leaders say; business lenders like Funding Circle hope to win them back.
“Some sole proprietors and owners of smaller-cap businesses have been turning to personal loan products, industry leaders say; business lenders like Funding Circle hope to win them back.”
