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Patrick Clark

Funding Circle Raises $65 Million for Peer-to-Peer Small Business Loan

Venture capital firms have come to see small business lending as an industry ripe for a shakeup, given the slow pace of lending since the financial crisis and unmet demand for credit, which is estimated at billions of dollars a year. Funding Circle, a British peer-to-peer lender, is the latest to benefit: The company announced on Wednesday a new $65 million dose of capital from Index Ventures and other firms. Funding Circle’s online platform lets individual or institutional investors fund loans thatRead More

Patrick Clark

Small Business Loan: Why the Government’s ‘Record’ Isn’t a Record

Small Business Administration boss Maria Contreras-Sweet was in New York City on Thursday to visit Bayside Milk Farm, a local business that isn’t really a dairy (it’s a food market), and to announce a small business lending record that isn’t really a record (more on that below). The agency guaranteed $19.2 billion under its working-capital loan program in the 12 months ended Sept. 30 (PDF). To celebrate, it fired off a press release today with theRead More