P2P business loan

IronWolf

I have a friend that would like a business loan in order to set up a new hair salon. He is an experienced hair dresser that works in a salon at the moment with a strong personal client list of which many would possibly go to see him at an alternate outlet.

For whatever reason the bank will not loan him the money, which is why I thought of a peer to business loan. But I don't know how this works, do you have to go through the usual credit checks and what are the names of the reputable companies that arrange this kind of thing?

Thanks

Reaper

You could try Funding Circle which is probably the best known. The steps he needs to go through are shown on this page:
https://www.fundingcircle.com/businesses

He will need to be credit scored and write convincingly on the web site saying how/when people will get their money back to get people to invest.

IronWolf

ah ok so you have to put on a pitch of sorts. Thanks

I saw something about government on that website, seem to remember something about a government small business lending scheme too, anyone know of it?