BIRA introduces peer-to-peer lending platform

British Independent Retailers Association (BIRA) has announced a partnership with Funding Circle, a leading global peer-to-peer lending platform.

This collaboration aims to provide much-needed financial support to small and independent businesses, helping them thrive in today’s competitive market.

“With the retail industry constantly evolving and facing various challenges, access to funding has become a significant concern for many small businesses. Recognizing this issue, Bira has taken a proactive step by joining forces with Funding Circle for its commitment to empowering small businesses through accessible and transparent lending solutions,” stated BIRA today (5).

Through this partnership, Bira members will gain exclusive access to Funding Circle’s platform. Independent businesses will have the opportunity to secure funding for a variety of purposes, including inventory expansion, marketing campaigns, technology upgrades, or even hiring new staff.

One of the key advantages of Funding Circle’s approach is its streamlined application process. Small businesses can complete an online application in minutes, and Funding Circle’s advanced technology assesses the business’s creditworthiness and risk profile. This automated process allows for faster decision-making.

Active UK businesses with at least a year of trading history is eligible to apply for term loan while business with two years of trading history, positive commercial performance and strong credit history are eligible to apply for Flexipay-  a line of credit that helps small businesses pay invoices, cover large costs, settle tax bills, while spreading the cost over 3 months on a no interest basis.