Funding Circle to Sell New SBLC License
March 11, 2024
Delaney Sexton
Contributing Editor
Funding Circle to Sell New SBLC License
In November 2023, Funding Circle was awarded one of three new SBLC licenses to help support small businesses and increase access to capital for business owners in underserved markets. The U.K.-based lender was set to start making 7(a) loans this year, but they are now offloading their U.S. small business lending operations.
The company decided to focus on the more profitable aspects of its U.K. operations and sell the recently acquired SBLC license. They reported that there has been interest in obtaining the U.S. portion of the business.
“Whilst the US business offers attractive long term growth, it also requires a significant amount of cash and capital to grow the Small Business Administration (SBA) proposition and we don’t believe that this is the best course of action for the group. We have received indications of interest for the US business and will update further in due course,” says Lisa Jacobs, Funding Circle CEO.