As part of UK FinTech week 2019, Oxford Economics is publishing a report, in partnership with Funding Circle, on the financial conditions facing small businesses in each of the online platform’s four markets: the UK, US, Germany, and the Netherlands.
This report calculates the total economic impact of loans made to SMEs through Funding Circle in 2018, including the number of jobs these loans supported, and the tax revenues generated in each market.
It finds the loans under management at the end of 2018 supported a £6.5 billion contribution to Gross Domestic Product (GDP) across the four markets. So every £1 lent through Funding Circle enabled small businesses to contribute more than £2 to the economies they operate in, in terms of additional GDP.
Loans taken through Funding Circle enabled 115,000 jobs in these four countries—54 percent higher than its loans were estimated to have supported at the end of 2017.