Originally posted by ladymuck
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Growth Street
“ Scores of small business owners are facing a scramble to find fresh finance after a peer-to-peer lender told them thart they must repay their loans as it is closing its credit platform.
Growth Street, which has matched about £175 million of investors’ money with small and medium-sized companies, is exiting the peer-to-peer market and calling debt back in.
Retail investors had withdrawal requests frozen as Growth Street tried to stabilise the market, but the company is now in a “resolution event”, whereby all borrower payments are being collected and returned, with any losses spread among investors.
Growth Street raised £17.5 million of equity backing last year and is expected to relaunch with a new lending product aimed at a different type of business.“
Small firms given three months by Growth Street to repay loans | Business | The Times
Spreading the losses and starting afresh - excellent...
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