From cricket bats to Devon Riviera development, Cheltenham-based small business lending platform Folk2Folk is celebrating hitting a £700m lending milestone in its quest for promoting business growth in the South West.

The figure cements the Cheltenham and Cornwall-based funder's position as the largest P2P lending platform to small businesses in the UK.

Since its inception in the market town of Launceston amid the aftermath of the financial crisis of 2013, Folk2Folk says it has connected hundreds of local businesses with investors, providing loans from £100,000 to help those businesses start, grow and diversify in every region of the UK.

In 2020, the investment firm signed an agreement with Forest of Dean District Council to help fund business loans to SMEs in the Forest of Dean. FoDDC followed Cheltenham Borough Council in signing up with the lender.

Operating on the basis of property-backed investment opportunities, the business lays claim to a track record of zero capital losses to date and hitting the £700m lending milestone underlines its "commitment to encouraging and sustaining regional growth by bringing small businesses and investors together," the company says, "with resulting positive knock-on impacts for local economies across the UK".

Benefits range from job creation and house building to enhancing local supply chains and improving leisure and tourism facilities.

Roy Warren, Managing Director, said: "This achievement is testament to the trust and support of our borrowers and investors, and reinforces our mission to help create prosperity across the UK. We remain committed to providing fast, flexible, and friendly lending solutions that enable local businesses to thrive."

In the past 12 months, Folk2Folk, whose Cheltenham offices are on the Promenade, has shown a commitment to enabling regional business success with funding for projects, including:

● A startup creating handmade cricket bats.

● Purchase and operation of village stores with post offices.

● Acquisition and improvement of a golf course.

● Property from self-builds to larger-scale construction, including a site on Devon's coast for luxury accommodation.

● A multimillion-pound renewable energy project.

Mr Warren added: "[Our] human touch ensures that each loan is tailored to the needs of the business owner, allowing them to achieve their goals more effectively."

Investors can self-select their investments and over the past year Folk2Folk paid out £15.78m in interest, demonstrating a substantial return the platform can offer.