Basildon Borough Council has become the latest Institutional investor to sign up with rebuildingsociety.com.
By investing via rebuildingsociety.com, the council will be helping to fund business loans to SMEs in the Borough.
rebuildingsociety.com facilitates loans to credit-worthy businesses seeking finance to grow, develop or diversify.
Loans are funded by everyday investors as well as Institutions such as Local Authorities, looking for an inflation-beating return on their capital while also supporting local businesses.
Basildon Borough Council is the second local authority to register as an investor via the rebuildingsociety.com award-winning lending platform.
Through this partnership, the council will contribute capital to fund loans for businesses in the borough who are unable to access finance via banks.
Councillor Stuart Sullivan, chairman of Basildon Council’s Resources and Commercial Committee said: “The economic recovery following Covid-19 requires local authorities to support their local businesses as best they can.
“One of the ways we can do this is by making funding available to our local businesses over the short and medium term, and we are excited to be working with rebuildingsociety.com to deliver this.
”By becoming a rebuildingsociety.com investor we can support local business growth as well as continue to help the council to become financially sustainable. We encourage any Basildon borough-based businesses that are looking for a loan of more than £25,000 to look at rebuildingsociety.com’s website for details.”
Daniel Rajkumar, rebuildingsociety.com managing director & founder, said: “We’re delighted to win Basildon Council as a key lender in our community of ‘rebuilders’ who love supporting local businesses.
“Peer-to-peer lending is the original decentralised finance (DeFi) lending and the new regulations help to provide enhanced protections.
“We aim to prove that localised P2P lending has may benefits and look forward to cooperating with other councils.”
