FCH Funding Circle Holdings Plc

Funding Circle Plc (FCH) 
Funding Circle Plc: U.S. Small Business Administration Grants Funding Circle 7(a) SBLC Licence 
01-Nov-2023 / 15:09 GMT/BST 
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Funding Circle Holdings plc 
U.S. Small Business Administration Grants Funding Circle 7(a) SBLC Licence 
Funding Circle Holdings plc ("Funding Circle") announces that its US business has received a formal notice from the US 
Small Business Administration (SBA) that its application has resulted in a tentative award for an SBA Small Business 
Lending Company (SBLC) licence to participate in its flagship 7(a) small business loan program. 
 
Funding Circle will be permitted to begin originating 7(a) loans once all lender oversight requirements are met to the 
satisfaction of SBA and upon receipt of an executed Form 750, a Small Business Administration Loan Guaranty Agreement. 
 
An SBLC licence permits Funding Circle to originate federal government guaranteed 7(a) loans up to USD5 million 
nationwide across the U.S. 
 
The 7(a) program, SBA's primary business loan program which is annually authorised by the U.S. Congress to approve up 
to USD36 billion of loans each year, provides loan guarantees to lenders that provide small businesses access to capital 
in circumstances where they might otherwise not be able to obtain the desired credit on reasonable terms and conditions 
without SBA assistance. 
 
Funding Circle estimates it will be able to begin offering 7(a) Small Loans up to USD500,000 alongside our existing core 
loan products in early 2024. The 7(a) Small Loan product carries an 85% guarantee for loans up to USD150,000 and a 75% 
guarantee for loans over USD150,000. 
 
The SBA's decision to award Funding Circle one of the first SBLC licences since 1982 is part of the Biden-Harris 
Administration's efforts to modernise the SBA and address persistent gaps in access to capital impacting small business 
owners and to grow the economy. The announcement follows a recent study published by the Philadelphia Federal Reserve 
and Bank for International Settlements that found Funding Circle is "increasing access to capital at a lower cost for 
borrowers who are less likely to receive credit from traditional banks" and "predicting future loan performance more 
accurately than the conventional method to credit scoring, leading to better loan performance". 
 
Lisa Jacobs, Funding Circle CEO, says: "We're delighted to be working with the SBA to help more small businesses in the 
US get the funding they need to win, using our data and technology to deliver a superior customer experience. This is 
an exciting milestone for Funding Circle in the US and will help us deliver on our medium-term strategy to attract and 
say yes to more businesses." 
 
ENDS 
 
 
Notes for Editors: 
 
For further details on the SBA 7(a) scheme, see: https://www.sba.gov/funding-programs/loans/7a-loans 
 
For details on the study published by the Philadelphia Federal Reserve and Bank for International Settlements see: 
https://www.fundingcircle.com/us/resources/impact-of-fintech-lending-on-credit-access/ 
 
Enquiries: 
Funding Circle Investor Relations 
Morten Singleton (+44 7736 297 929) 
ir@fundingcircle.com 
 
Funding Circle Media Relations 
Abigail Whittaker (+44 7989 876136) 
press@fundingcircle.com 
 
Joint corporate brokers 
Investec: Mark James / Bruce Garrow (+44 20 7597 4000) 
Deutsche Numis: Stephen Westgate / Jamie Loughborough (+44 20 7260 1000) 
 
Headland Consultancy 
Mike Smith / Stephen Malthouse (+44 20 3805 4822) 
 
About Funding Circle: 
Funding Circle (LSE: FCH) is the UK's leading SME lending platform, with a material and growing presence in the US. Its 
mission is to build the place where small businesses get the funding they need to win. 
Funding Circle enables small businesses to access funding - offering an unrivalled customer experience powered by data 
and technology. 
For institutional investors, Funding Circle provides access to an alternative asset class in an underserved market, 
with robust and attractive returns. 
Globally, Funding Circle has extended more than GBP16bn in credit to c.140,000 businesses. 
 
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Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
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ISIN:           GB00BG0TPX62 
Category Code:  MSCM 
TIDM:           FCH 
LEI Code:       2138003EK6UAINBBUS19 
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State 
Sequence No.:   282105 
EQS News ID:    1762871 
 
End of Announcement  EQS News Service 
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November 01, 2023 11:09 ET (15:09 GMT)

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