TSB has unveiled plans to create a lending marketplace to help small UK businesses attract the funding they need to scale effectively.
The challenger bank will be partnering with Funding Options to launch the marketplace in May, enabling SMEs to compare financing options in one place, opening up the range of loans and types of finance on offer to them.
TSB’s new commercial banking director, Richard Davies, will also head up a multi-million pound investment programme to build new banking services for small businesses across the UK. Davies said: “We’re partnering with Funding Options to launch a straightforward and competitive lending marketplace that helps small businesses to borrow well – with access to a host of lending options that they can compare side-by-side to find the loan that best suits them.
“There is a huge funding gap for small businesses that exists in the UK today and it is stunting the growth of these firms and stopping them from investing to grow. Bringing more competition to UK banking is in our DNA, and Business Marketplace will allow a small business owner to easily compare what’s available in the market.”
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