New business loan crowdfunding platform GO2 is set to make loans more easily available to south coast SMEs by introducing them to small investors.
And Christchurch-based businessman Robert Bennet has joined the board to liaise with Dorset borrowers from companies, charities and community organisations.
Southampton-based GO2 launched in 2015 and has already registered more than 50 investors ready to lend in either unsecured loans, secured loans or asset finance.
Robert was previously MD of family business Groveley Detection for 22 years before selling the company in 2013.
He said: “It’s very simple to apply for a loan and our aim is to facilitate local money supporting local small businesses and leave the interest in the local economy.
“It’s purely a business loan; our web site puts investors in contact with a business but they do not take shares or get involved in any other way.
“This is something I believe will work extremely well – working with SME owners who are passionate about their business.”
Benefits for borrowers lie in the ease of getting a business loan and the speed of the process, which is typically around four weeks. It means business owners can borrow money to accelerate the growth of their companies without giving away any equity in the business.
As a crowdfunding platform, GO2’s investors start at just £50 up to a maximum of £5,000 per loan and loan amounts can be in the range £10,000 to £250,000.
Borrowers should have been in business for at least two years, be based in the south of England, be credit-worthy, have a coherent investment proposition, have UK directors and be able to provide security of the loan.
Go2’s specific area for lending is central Southern England, covering Dorset, Hampshire and Wiltshire.
This is peer to peer lending and your investment is at risk. We encourage investors to diversify their portfolio and to review all investments to ensure that they meet with their own investment criteria.