Peer-to-peer lender RateSetter has now provided more than £250 million in loans to UK businesses. The achievement comes after several recent developments at the firm, including senior hires, revised lending limits and investment from the government-backed British Business Bank.

RateSetter has recruited a number of business finance experts since the turn of the year, including Paul Marston as head of the commercial finance division and Brian Cartwright as head of business finance, in a move to boost its SME lending capabilities. The two executives have previously held roles at NatWest and Barclays respectively.

The lending marketplace offers loans from £25,000 to £1 million, with terms of three months to five years. All loan purposes are considered, and RateSetter now provides a lending decision within two days in principle, with approved funds available within 10 days.

RateSetter also counts the British Business Bank among the 39,000 investors that lend through the platform; the bank is currently lending £10 million to SMEs via the service.

Marston commented: “£250 million is a great milestone, and there is more to come. Commercial lending is one of the fastest growing areas of our business, and that is because there is a genuine need – the market for SME finance is not fit for purpose and businesses are still being let down by the banks.”

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