YourBusinessWithJamesCaan2016 - 38
PEER LENDING
Peer lending is growing quickly in the
UK thanks again to the internet.
Websites such as Funding Circle, Zopa
and RateSetter lent more than £700
million to the UK's small businesses last
year. The websites act like online market
places where borrowers and lenders can
find each other.
Borrowers and lenders have to go
through a vetting process before they
are allowed to pitch for money or lend
to small businesses.
Once your loan application has been
vetted, hundreds of individual lenders
get to see your business plan and a
crowd of them can all chip in to get you
up to the loan amount you want.
The loans can be guaranteed or
unguaranteed, though interest rates will
probably be higher if the loan is
unguaranteed. Beware! If you don't get
to the total you've asked for, you don't
get the dough.
People are often
surprised by the
interest rates -
lower than those
offered by the bank
ANGEL FUNDING
Traditionally, angels were wealthy
individuals investing alone in a new
business in exchange for part ownership
of the business or equity. But that was
'angel funding' before the internet. Now
angel funding is often a number of
wealthy people chipping in to fund your
business on websites such as Seedrs or
Richard Branson's BnkToTheFuture.
Another is Angels Den which partners
you with a lead investor - much like a
Dragon - who will offer mentorship,
marketing tips and business nous.
Just like peer lending, your business
plan is vetted by an angel funding
website and if they are satisfied that
your plans look good then the site puts
your proposal to their list of vetted
38
investors. So how should a small business
choose between peer and angel funding?
The application process is similar, the
difference lies in what you give away to
get the cash. On peer lending websites
you are borrowing money. It's a debt.
With angel funding you don't owe
anything but you are giving away part
ownership of your business. That is why
peer lending is known in the finance
industry as 'equity crowdfunding'.
Peer lending tends to be for more
established businesses and for bigger
loans while angel funding is for newer
businesses and smaller amounts.
CROWDFUNDING
We are using the layman's term here to
describe crowdfunding websites such
as Kickstarter and IndieGoGo. They
are ideal places to find money for
your business as there's no downside -
like having to pay anyone back, for
instance. These websites are a way to
appeal to armchair investors, regular
people with small amounts of cash
to give away for projects they like
the look of.
They have tended to be for creative
projects like films, books and albums,
but tech businesses and social
enterprises have raised money
through them too.
Be prepared to make a short personal
video plea for funding and offer rewards
to people who give small, medium or
large donations. It's not so much
lending that you are looking for but
YourBusinessWithJamesCaan2016
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