2021年融資對(duì)英國(guó)中小企業(yè)的影響

FINANCINGTHEFUTURE:2021IMPACTMARCH2022“Athleisure”brandJustStrongoperatesoutofa10,000sqftwarehouseinBolton.MARCH20223TABLEOFCONTENTSForeword5Executivesummary61.StateoftheSMEnation101.2Thepandemic,andrecovery,continuetohaveanunevenimpactonSMEs121.3Post-pandemiclendingwillincreasinglybeaccessedonline142.FundingCircle’s2021economicimpact182.1FundingCirclecontinuedtoprovidevitalSMEfinancein182.2InvestmentintechnologyisremovingbarriersforSMEsaccessingfinance182.3FundingCircleishelpingcommunitieslevelupacrosstheUK19FundingCirclesEconomicImpact223.Fundingtherecovery243.1SMEindebtednesshasrisen,butisconcentratedinthesmallestSMEsandoveralldebtlevelsremainstable243.2ForthebroaderSMEpopulation,financewillbevitaliftheyaretoinvest,grow,andpowertheUKeconomy25Appendix:methodology28UKfloristFlowerStationcreateshand-craftedbouquets.5FOREWORDThepasttwoyearshaveaskedahugeamountbusinesses,whohavebeenforcedtodigdeeptomanagetheirlivelihoodsduringthesechallengingtimes.thirdinpartnershipwithOxfordEconomics—examinesthevitalroletheseentrepreneursplayedindrivingtherecoveryforwardin2021.tumaccessthefinancetheyneedtogrow.Notallbusinesseshavebeenaffectedbythepandemicinthesameway,andborrowingmotivationshavechangedoverthepasttwoyears.If2020wascharacterisedbythefundingeeprogrammes(wherewewereproudtoplayourroleasthethirdlargestCBILSprovider),2021sawthereturnofthecommerciallendingmarketastheseprogrammeswounddownandmorebusinessessoughtfinanceforgrowth,ratherthansurvival.Thereisonelong-termtrendthathasbeenacceleratedbythepandemic:afundamentalnowbecomingclearthatsmallbusinesses’relationshipwiththedigitalworldhasbeenpermanentlyre-wired.Afterexperiencingthespeedandsimplicityofonlineservices,thereislittleindicationbusinesseswillgobacktooldways.Resultsfromthereportshowthatlastyear60%ofFundingCircleborrowerswerefirst-timeusersofonlinelendingandmorethanthree-quartersofthesebusinessownerssaytheywillcomebacktousfirstinfuture.Thistrendisheretostay.OverthepastdecadewehaveworkedtirelesslytoevolveourR&Dcapabilitiesandtechinfrastructure.Theresultsofthisinvestmentcontinuetomaterialise,andourplatformiswell-positionedtohelpmorecustomersthanbebetter;smallbusinessesaresettoplayakeyroleinlevellinguptheUKandshouldbeatthethepeoplewesupportruninnovative,dynamicareasthatneeditmost.TheirworkisbeingfeltincommunitieslocatedineverypartoftheUK.In2021,smallbusinessesusedtheirFundingCircleloanstocontribute￡7.2billiontoUKGDPandsupportmorethan100,000jobs.foreveryoneconnectedwithFundingCircle.Wewerefoundedin2010,intheaftermathofacrisis,tohelpsmallbusinessesandpowerhelpingtensofthousandsofbusinessownerseachyeartoreachtheirfullpotential.LisaJacobsChiefExecutiveOfficerFundingCircle680%ofSMEs80%ofSMEsconfidentintheirlong-termfuture.48%ReductioninSMEsreportingsignificantfallinturnover.EXECUTIVESUMMARYSMESWEREASKEDTODIGDEEPAGAININ2021,BUTTHEIRRESILIENCEISPAYINGDIVIDENDSortheUKssmallbusinessesItstartedwithathirdnationallockdown,andendedwithcostpressuresbuildingonthehorizon.However,yetagain,SMEsdemonstratedtheirresilienceandabilitytoadapt,playingseconomicrecoveryasrestrictionseasedandtheeconomyreopened.RisingSMEconfidencedovetailedwithimprovedperformanceSMEsbecameincreasinglyassuredashighstreetsreopenedandspendingincreased.MorethanhalfreportedstableorrisingincomeinQ22021,andbytheendoftheyearmorethan80%wereconfidentintheirlong-termfuture.TheirsuccessandthatoftheUKeconomyareintertwined;SMEsmakeup99.8%ofallUKbusinessesandaccountformorethanhalfofallturnovergeneratedacrossthecountry.TheongoingrecoveryishavinganunevenimpactonthreebroadgroupsofSMEsTherestrictionsinplacethrough2020andthefirsthalfoftheyearhadanoutsizedimpactonagroupofsurvivorbusinesses;typicallyinretailandhospitalityorsmallerSMEswhoweremorelikelytohavetakenoutBounceBackLoanScheme(BBLS)funding.Hedgerstookadvantageofgovernment-guaranteedlendingtobuildprecautionarycashreserves.Afinalgroupofthriverscontinuedtoadapttothechallengesofthelastfewyears;requiringgrowthfinancetopivottonewmodelsorimplementinvestmentplans.2021sawaresurgenceofthriversasthenumberofSMEsintendingtogrowdoubledThenumberofbusinessesreportingasignificantreductioninturnoverhalvedinthe12monthsfromQ22020,whiletheshareofSMEsthathavespentalloftheirgovernment-backedfundinghascontinuedtorise.Duringthesameperiod,thepercentageofSMEsintendingtogrowhasdoubledandisnowatpre-pandemiclevels.Thistrendisexpectedtocontinue,highlightingthevitalroleaccesstofinancewillcontinuetoplay.7ofFundingofFundingCirclecustomersrequirefuturefinance.￡Aslittleas9secondsFundingCirclelendingdecisiontimes.ACCESSTOFINANCEREMAINSCRUCIALIFTHERECOVERYISTOCONTINUEWhileBBLShasdrivenanincreaseinSMEdebtlevels,thisisconcentratedinthesmallestSMEsandremainsmanageableNearlyalloftheadditionalSMEdebtgeneratedoverthelasttwoyearswasdrivenbyBBLS,with85%offundinggoingtomicro-businesses.ThepercentageofSMEswithhighdebt-to-cashratioshasincreasedtoone-thirdasaresult,howevertheBankofEnglandconsidersthismanageableandonly4%ofSMEsareconcernedabouttheirabilitytomakerepayments.Themajorityofsmallbusinessesremaindebt-free.SMEsareincreasinglyreadytoinvestintheirfutureThenumberofSMEshappytousefinancetogrowtheirbusinessisatthehighestlevelsince2016,andthree-quartersofFundingCirclecustomersexpecttorequirefinanceinthefuture.With86%ofthisfuturefundingearmarkedforinvestmentandgrowth,ensuringcontinuedaccesstofastandsimpleSMEfinancewillhelptherecoverymaintainitsmomentum.THESHIFTTOONLINELENDINGAPPEARSPERMANENTOnceSMEsborrowonline,theydon’tlookbackeomebacktoneedfinancePlatformslikeFundingCirclearewell-positionedtobenefitfromthistransitionTheborrowingprocessiscitedasthebiggestbarrierpreventingSMEsfromapplyingforfinance,whilespeedofaccessisalsocriticalFundingCirclestechnologyplatformandinstantdecisionlendingcapabilitiesarehelpingdismantlethesebarriers—applicationscanbecompletedinsixminutes,withlendingdecisionsinaslittleasnineseconds.8FundingCirclereachesFundingCirclereachesSMEsintraditionallyunder-fundedareas…ieshacrossthecountryONLINELENDINGISACTINGASACATALYSTTOLEVELUPTHEUKlendinglendingin2021.GDPsupportedbyContributiontoUK…andisgeneratinginvestmentincommunitiesthatneeditmostoflocalauthoritiesexperiencingthemostsocialdeprivation.FundingCircle’slendingcontinuedtosupportasignificanteconomicimpactIntotal,lendingthroughFundingCirclesupporteda￡7.2billioncontributiontoUKGrossDomesticProduct(GDP)andmorethan103,000jobs.Theactivityandemploymentsupportedbytheseloansalsoraisedsignificanttaxrevenuesforthe9ECONOMICIMPACTIN1GLOBALIMPACTDirectIndirectInducedEMPLOYMENT103,300jobsTAXEMPLOYMENT103,300jobsTAXREVENUES￡7.2billion￡2.4bn￡2.4bn51,200￡1.0bn35,000￡0.7bn35,000EVERYEVERY￡1MILLIONLENTTHROUGHFUNDINGCIRCLE…26jobs…andgenerates￡0.5millionintaxestoGDPLendingLendingthroughFundingCirclereachedSMEslocatedineveryoneoftheUK’s650parliamentaryconstituencies,withanaverageof￡3millionperconstituency.fSMEsconfidentndingCirclecustomerswere9%moreproductivethanthedingCirclecustomersurefinance￡ONS(2022)GDPmonthlyestimate,UK:December2021ONS(2022)RetailsalespoundsdataBVABDRC(2021)UKSMEFinanceMonitor(Q22021)ONS(2022)BusinessInsightsandConditionsSurvey(BICS)–Wave451.STATEOFTHESMENATION1.1SMESREMAINATTHEHEARTOFTHEUK’SECONOMICRECOVERYIn2021,SMEsagaindemonstratedtheirresilienceandabilitytoadapttoachallengingenvironment.TheirtenacityhelpedtherecoverygatherpacethroughouttheyearasCovid-19restrictionswereeasedandremoved.Followingaperiodofstronger-than-expectedgrowth,thesizeoftheUKeconomyreachedpre-pandemiclevelsinNovemberemberremainedthesamesizeasinFebruary2020(Fig.1).1Thisrecoverycanbeseenintherevivalofretailsales.Asthetrendtowardsonlineshoppingcontinuedandretailersre-openedtheirdoors,retailsalesfor2021wereuponthepreviousyearandwerecomparabletopre-pandemiclevels.Retailsalesin2021totalled￡423bn,5%higherthanin2020,and7%higherthanin2019(Fig.2).2SMEconfidencecontinuedtorisethroughouttheyear.Thegradualremovalofrestrictions,andfull-reopeningofEnglandfromthesummer,helpeddriveimprovedSMEperformance;56%ofSMEsreportedstableorrisingincomeinQ2021,comparedto32%inQ42020.3ThishasallowedSMEstobecomeincreasinglyassured,withtheshareofbusinessesreportinghighconfidenceintheirsurvivalprospectsgrowingthroughout021foreachsizeofbusiness(Fig.3).4Fig.1:UKmonthlyGDPindex=1009590858070JanJulJanJulJanJulJanJulJanJulSource:ONSFig.2:TotalmonthlyvalueofUKretailsales,2019-202120192019202020215045403020JanFebMarAprMayJunJulAugSepOctNovDecSource:ONSBEIS(2021)Businesspopulationestimates202111Oct20Nov20Dec20Oct20Nov20Dec2090%80%0%60%50%40%30%20%%Fig.3:PercentageofSMEsreportingconfidenceintheirsurvivalPercentageshare100-249employees50-99employees10-49employees0-9employeesSource:ONSBICSInJanuary2022,thepercentageofSMEswhowereeitherhighlyconfidentorconfidentintheirsurvivalwas84%,withthisfigurehavingthehighestlevelsincethestartofthepandemic.SMEs’successiscrucialtotheongoingrecovery.SMEsremainstrategicallyvitaltothefortunesoftheUKeconomy;some99.8%ofallUKbusinessesin2021wereSMEs(Fig.4).5Togethertheyprovidedmorethan60%ofprivate-sectoremploymentofallemploymentwhenincludingthepublicandnon-profitsectors),andaccountedformorethanhalfofallturnovergeneratedacrossthecountry.Fig.4:SMEsroleintheUKeconomyatthestartof2021Percentageshare99.860.699.860.652.090%80%0%60%50%40%30%20%%BusinessesEmploymentTurnoverSource:BEISONS(2022)BusinessInsightsandConditionsSurvey(BICS)–Wave4512BVABDRC(2021)SMEFinanceMonitor(Q22021)Winterlockdown2020-H22021-H12021-H23328252425171.2THEPANDEMIC,ANDRECOVERY,CONTINUETOHAVEANUNEVENIMPACTONSMESOverthelasttwoyears,threebroadgroupsofSMEshaveemerged.Thesecohortsofsurvivors,hedgersandthriverswereimpactedby,andhaverespondedto,thedisruptionandsubsequentrecoveryindivergingways.SurvivorsweretheSMEsmostsignificantlyimpactedbythepandemic,typicallybeingforcedtopausetrading.While2021wasayearof recoveryformanybusinesses, somerestrictionsremained inplacethroughthefirsthalfoftheyear.Thesecontinued tonegativelyimpactsomebusinesses—particularlythose intheretailorhospitality SMEswith28%ofSMEsreportedasclosedinJanuary2021 (Fig.5).6Meanwhile,one-thirdofSMEsalsoreportedbeing thepandemic.7Thisgroupofsurvivorshasreducedasrestrictionseasedandtherecoverygatheredpace.Betweenthesecondhalvesof2020and2021therewasa48%reductioninSMEsreportingasignificantdecreaseinturnover(ofmorethan20%)whencomparedtonormalexpectations(Fig.6).Howeversomeheadwindsremain,withlabourshortages,costpressures,andrisingenergypricescontinuingtobuild.Fig.5:PercentageofSMEsopenandtradingin2021AllAllrestrictionsremovedNon-essentialretailopensinEngland90%80%0%60%50%40%30%20%%Source:ONS,BICSFig.6:PercentageofSMEsreportingmorethan20%decreaseinturnovercomparedtonormalexpectations320%%0-910-4950-99100-249Source:ONS0-910-4950-99100-249NationalAuditOffice(2021)TheBounceBackLoanScheme:anupdateBVABDRC(2021)UKSMEFinanceMonitor(Q32021)DepartmentforBusiness,Energy&IndustrialStrategy(2021)LongitudinalSmallBusinessSurveyBVABDRC(2021)UKSMEFinanceMonitor(Q22021)FederationofSmallBusiness(2022)VoiceofSmallBusinessIndex(Q32021)40%30%35332928232340%30%3533292823232320%%2019Source:BVABDRCAsecondgroupofhedgerstookprecautionarymeasuresbybuildingupcashreserves.relyimpactedbythepandemicsestooktCoronavirusBusinessrruptionLoanScheme(CBILS)andBounceBackLoanScheme(BBLS)toprovideximately30%ofBBLSuserstooktheirodayeofSMEsreportingmorethan,000increditonbusinessternalfinanceAsconfidenceamongSMEsincreasedthroughout2021,theshareofSMEsholdinghighcashreserveshasstartedtodecrease.TheshareofSMEsreportingtheyhadspentalloftheirgovernment-backedAthirdsetofthriverscontinuedtogrowtheirbusinessandadapttotheBarringadipininvestmentintentionsasthepandemicloomedinthefirstquarterFig.7:PercentageofSMEsholding￡10,000ormoreincreditbalances20202020Q420202020Q420202020Fig.8:PercentageofSMEsexpectingtoincreaseinvestmentoverthenextthreemonths30%20%%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Source:FederationofSmallBusinessof2020,duringthepasttwoyearsthepercentageofSMEsplanningtoincreasetheirinvestmentoverthesubsequentthreemonthshasnotfallenbelowaroundone-in-four(Fig.8).12Andinvestmentintentionshavecontinuedtorisethroughthelastninemonthsof2021:oneinthreeSMEsreportedplanstoincreasetheirinvestmentbytheendoftheyear.BVABDRC(2021)UKSMEFinanceMonitor(Q32021)BankofEngland(2022)Monthlychangesofmonetaryfinancialinstitutions’sterlingandallforeigncurrencygrosslendingtosmallandmediumsizedenterprisen2021,thisgroupofthrivershasgrowninsize.TheshareofSMEsintendingtogrowhasdoubledsinceQ22020,witharoundhalfofSMEsreportingsuchplans(Fig.9).13TheseSMEswouldhaveusedbothguaranteedandnon-guaranteedlendingin2021astheCBILS/BBLSschemeswounddownandthecommercialmarketstartedtoresumeoverthesecondhalfoftheyear.Continuedaccesstofinancewillbevitaliftheirfutureambitionsaretoberealised.Fig.9:PercentageofSMEsreportingplanstogrowtheirbusiness60%525250%525249494945424042413830%2420%%202020202022020202020202020Q4Source:BVABDRC1.3POST-PANDEMICLENDINGWILLINCREASINGLYBEACCESSEDONLINEIn2021,theSMElendingmarketstartedtonormalise.While2020sawaninjectionofnewlending,primarilythroughBBLS,in2021asimilaramount(￡57.7billion)waslenttoSMEsasin2019(￡56.9billion).14However,thislendingwasweightedtowardthefirsthalfof2021asthetail-endofthepandemicloanschemesconcluded(Fig.10).Withlendinginthesecondhalfoftheyearlowerthanitspre-pandemicequivalent,thereisstillsomewaytogobeforethemarketfullynormalises.Fig.10:GrossUKSMElending,2019-2021CBILSfromalllendersBBLSfromalllendersbuildingsocietiesgrosslendingtoSMEs￡billionsQQQSource:BankofEngland;HMTreasury2020Q4Q4Financingthefuture:FundingCircle’s2021impactONS(2022)Internetsalesasapercentageoftotalretailsales(ratio)(%)EY(2021)Thefive-stepjourneytoSMEbankingtransformationOECD(2021)OECDSMEandEntrepreneurshipOutlook202115JupiterResearch(2021)EmbeddedFinanceMarketValuetoExceed$138Billionin2026,asAPIsIntensifyFintechCompetitiveLandscapeThepandemichasacceleratedlong-standingtrendsindigitaltransformation.Lockdownchangedhowcompaniesandindividualswork,spendandinteractwitheachother.Itforcedlate-adopterstotakeupdigitaltechnologiesforthefirsttime,andexistingcustomerstorampuptheirusage.Forinstance,onlinetransactionsaccountedformorethan30%ofretailsalesinNovember2021,comparedto22%inNovember2019.15ThisisnodifferentforSMEs,with40%increasingtheiruseofonlinebankingservicesoverthelastyear.16Thisisechoedby60%ofFundingCircle’s2021borrowershavingusedtheplatformtoaccessfinanceonlineforthefirsttime.Thisshifttowardsonlinelendingisheretostay.Approximatelytwo-thirdsofSMEsexpectthechangestheyhavemadeaspartofthisdigitalaccelerationtobepermanent,accordingtoOECDresearch.17Furthersurveyevidenceshowsoverthree-quartersofFundingCircle’sfirst-timeonlineborrowerswouldapproachtheplatformfirstnexttimetheyneedfinance(Fig.11).Theproliferationofonlinelendingislikelytobefurtheracceleratedbyembeddedfinance.Thisallowsonlineproviderstoprovidedirectaccesstoeachother’sproducts,tothebenefitoftheconsumer,forexamplethroughFundingCircle’snewembeddedfinancesolutionwhichembedstheplatformintopartners’environmentsthroughanativeapplicationprogramminginterface(API).Theglobalmarketvalueofembeddedfinanceisexpectedtogrowfrom$43billionin2021to$138billionin2026—aseFig.11:Whatfirst-timeonlineborrowersarelikelytodonexttimetheyrequirefinanceApproachFundingCircle?rstApproachbank?rst,thenFundingCircleifunsuccessfulApproachonline?nanceproviderApproachothernon-online?nanceprovider0%10%20%30%40%50%60%70%80%Source:FundingCirclePercentageshareCASESTUDY:INTHEWELSHWINDDISTILLERYFoundedin2018,theInTheWelshWindDistillery,ownedbycoupleAlexJungmayrandEllenWakelam,implementedexpansionplansfollowingtheliftingofCovid-19restrictions.lleryinTanygroesahamletnorthofCardiganonthewestcoastofWales—tookoffafteropeningforbusinessin2018.Butplansforgrowthhadtobeputonholdastheglobalpandemichit.Withtheliftingofrestrictions,foundersAlexandEllenusedaFundingCircleloantoinvestintheirbusinessanditsgrowth.Theyhired15peopleandbegantoexpandtheir“grain-to-grass”ethos,usingonlygraingrownwithin10milestomaketheirwhisky.Ablenowtoimplementtheiruniquedistillerymodel,AlexandEllenarealsocommittedtoprovidingtrainingandjobsandopeninguplocalopportunities.Despitetheincreaseinonlineshopping,thecouplestillpurchasefacetofacefromsmallbusinesses.Producingaproductmadeusinglocalingredientshelpsmaintainlinkstothelocallandscapeandcommunity.BVABDRC(2022)UKSMEFinanceMonitor(Q22021)18EY(2021)ThevoiceoftheSME(Bankingexperiencesandexpectations)2.00.50.032%FastprocessBetterinterestrate/fees2.00.50.032%FastprocessBetterinterestrate/feesplyforGoodcustomerserviceOnlyoptionforan5%Loanapplicationwithbankorotherprovider4%wasdeclined2.1FUNDINGCIRCLECONTINUEDTOPROVIDEVITALSMEFINANCEIN2021FundingCirclestartedtheyearbycontinuingtosupportSMEsthroughtheCoronavirusBusinessInterruptionLoanScheme(CBILS).BythetimeCBILSendedinthefirsthalfendingreachedruedormtoaccessoftheRecoveryLoanScheme(RLS)andnon-guaranteedgFig.12:LoansoriginatedthroughFundingCircle2.01.51.520172018201920202021Source:FundingCircle2.2INVESTMENTINTECHNOLOGYISREMOVINGBARRIERSFORSMESACCESSINGFINANCETheborrowingprocessisthebiggestobstacletoSMEfunding.Would-beseekersoffinancecitedtheprocessofborrowingastheirmainreasonfornotapplying,surveyevidencereveals.19Speedisalsocritical;66%ofSMEsfeltfasteraccesstocreditwasvery/extremelyimportantfortheirbusiness,withnearlysix-in-tendesiringfundswithinsevendays.20Andone-thirddesiredfinanceinjustthreecriticalnatureofSMElending.FigMainreasonforborrowingthroughFundingCirclein2021%Source:FundingCirclePercentageshareInstantdecisionlendingtechnologyisaddressingthisproblembyprovidingamuchmoreseamlessborrowingexperience.IntroducedbyFundingCirclein2020,thenewtechnologyfacilitatesanaverageapplicationtimeofsixminutesandprovideslendingdecisionsinaslittleasnineseconds.70%ofallFundingnowreceivinginstantdecisions.Thesimplicityandspeedofprocesscontinuetobecitedasthetwomostpopularreasonsforchoosingtheplatform.Theseanswersrespectivelyofrespondents.Only4%ofSMEstookaloanthroughFundingCirclebecausetheirapplicationwasdeclinedbyanotherprovider.(Fig.13).2.3FUNDINGCIRCLEISHELPINGCOMMUNITIESLEVELUPACROSSTHEUKreachesSMEsineverycorneroftheUK.reachesSMEsineverycorneroftheUK.In2021,ithelpedSMEslocatedineveryoneofconstituencies,anaverageofnearly￡3millioninlendingperconstituency(Fig.14).ThishelpedSMEstonotjustnavigateachallengingbusinessenvironment,butalsoinvestintheirbusiness,thriveandcreatejobsintheirlocalcommunities.ThisisparticularlyimportantgivenaccesstofinanceisattheheartoftheUK’sregionaldisparities,andiscrucialtotheGovernment’sLeve//ingUpplans.Loansinanced￡2m–￡3m￡3m–￡4m￡4m–￡5m￡5m+Source:FundingCircleAll-PartyParliamentaryGroup(APPG)onFairBusinessBanking(2021)ScaleuptolevelupDatasourcedfromUKFinanceSMElendingwithinUKpostcodes20HMGovernment(2020)Englishindicesofdeprivation;ONS(2021)Locallabourmarketindicatorsbyunitaryandlocalauthority;Businessdemography5.0%EastofEnglandEastMidlands5.0%EastofEnglandEastMidlandsSouthEastNorthWestYorkshireandtheHumberWestMidlandsUK(Total)NorthEastWales SouthWestGreaterLondonScotlandNorthernIreland4.2%3.9%3.5%3.3%3.0%2.8%2.6%2.4%2.4%Fig.15:FundingCircleloansundermanagementasshareoftotaloutstandingSMElending%Source:OxfordEconomicsAgreaterproportionofSMEsoutsideofLondon,wheretheprobabilityofafirmsecuringfundingisupto50%ngCirclemanagementrepresentofalloutstandingSMElendingintheEastofEngland,EastMidlands(Fig.15).Infact,FundingCircleentifiedashavingthelargestinvestmentgapsinWhitePaper:theEastMidlands,estMidlands3%PercentageshareLookingatspecificcommunities,FundingCircleloansaremostimportantinBolton(NorthWest),wheremanagementareequivalentto5.3%ofthetotaloutstandingSMElending.22ThiswasfollowedbyWigan(alsoNorthLendingthroughFundingCircleisreachingcommunitiesthathaveexperienceddeprivation.AhigherproportionoflendingthroughtheplatformwenttoSMEslocatedinlocal