Folk2Folk has opened a new branch in Harrogate and expects to introduce over £20m in finance to an estimated 100 businesses in its first year in the region.
Folk2Folk picked North Yorkshire as a strategic region as part of its national expansion plan having already established a local demand for its finance services. Harrogate was chosen based on its strong rural business network and geographic importance to other local towns and areas. This new branch will be the fourth opening from Folk2Folk which launched in 2013 and the second in four months.
The new Folk2Folk branch is proudly situated in the heart of Harrogate making it easy for business owners and investors to drop in. Folk2Folk is encouraging local businesses from across the region to come and discuss their business finance requirements. For those looking to invest, it is a chance to learn face-to-face more about the attractive returns on offer through investing into Folk2Folk’s P2P loans, learn about the security taken on each loan as well as understanding the associated risks.
Folk2Folk also works closely with business professionals and has already established strong relationships with lawyers, accountants and bankers in the region working together to provide financial solutions for their clients. Folk2Folk has also established a regional legal panel in North Yorkshire that will support the expansion by providing the legal services necessary to complete the loans.
Folk2Folk is not a bank but a peer-to-peer business lending service specialising in secured business loans. Folk2Folk enables local business to achieve their business goals and grow by matching them with investors looking for a great return and in most cases at a local level. Investment returns on offer range from 5.5% to 6.5% based on the LTV of the property which acts as a security against the loan.
As part of the opening in Harrogate, North Yorkshire, Folk2Folk has created three local jobs in the branch to service local business owners looking for a loan or customers looking to invest.
With a rich diversity of industries in and around North Yorkshire, Folk2Folk is confident that it will appeal to local business owners looking for finance as well as investors looking for an attractive return with strong security.
Jane Dumeresque, Folk2Folk CEO said: We are delighted to become part of the local business community in Harrogate and North Yorkshire. Our mission is to help local businesses get access to the finance they need to grow by matching them to local investors in a quick, simple and personal process. By establishing national network with a local presence, we can encourage local communities across the UK to invest through Folk2Folk to help local business owners prosper and thrive. We believe it’s always more interesting and reassuring when an investor can see what exciting project their money is supporting. We are determined to bring business finance back to basics by making business loans simple, fair and straight-forward.