LendingCrowd Launches CBILS Loans, Suspends Retail Investments
The peer-to-peer lending platform LendingCrowd began offering the Coronavirus Business Interruption Loan Program (CBILS), two months after being cleared to join the government-backed loan program.
In a statement to investors, the platform explained that funding for CBILS loans is limited to institutional lenders, adding that “we expect all of our new loans to be made through this program for the foreseeable future.”
However, the platform noted that its secondary market remains active and that lenders who have self-selected accounts can still choose which loan coins they wish to buy and sell. Growth or Income account holders can use the Auto Invest feature to automatically purchase loan coins.
In a blog post on its website, LendingCrowd said retail investors can now withdraw all funds from their account, with withdrawals being processed within days.
The platform added that funds from Innovative Finance ISA (IFISA) can be transferred to a new ISA provider by requesting a transfer authorization form from the new ISA provider.
LendingCrowd has received clearance from the British Business Bank offer CBILS on July 1. It became the fourth P2P lending platform to obtain authorization, join Funding Circle, Assetz Capital and Folk2Folk.
Among these four CBILS lenders, only Folk2Folk and Assetz Capital is committed to retaining its retail investors.