Funding Circle offers takeaway loans

Just Eat has joined forces with P2P lender Funding Circle to offer takeaway restaurants discounted business loans.

Funding Circle offers takeaway loans

Just Eat is working with the lender to support and help the 27,600 restaurants on its platform to access funding.

The initiative, set up earlier this year, will see Funding Circle offer customers who are refereed by Just Eat a saving of around £1,000 on its administration fee for loans.

Once the business has gone through Funding Circle’s credit assessment process, customers are listed on the lender’s platform for a wide range of investors to lend directly to them.

Funding Circle said the UK takeaway market is expected to grow to £11.2bn over the next five years and has an important role to play in economic growth.

James Meekings, co-founder and managing director of Funding Circle, said: “Small businesses are the backbone of our economy.

“Together with Just Eat we are working to support the fantastic owners behind the nation’s takeaways to access the finance they need to grow and to get on with achieving their goals.”

In March, Yilmaz Guney, owner of Petra Turkish Restaurant in Islington, borrowed £15,900 from Funding Circle to refurbish his restaurant.

He said: “Recently, we were looking to take advantage of an opportunity to expand the business, but the banks were slow and couldn’t provide us with the help we needed.

“Our partners Just Eat directed us to Funding Circle who arranged the loan for us in a matter of days. By not spending months speaking with the banks I was able to get the finance I needed and focus on running the business and planning for the future.”