Jacob Rees-Mogg, Member of Parliament for North East Somerset, recently visited the Folk2Folk’s Somerset branch in Midsomer Norton. Mr Rees-Mogg was welcomed by Folk2Folk co-founder Louis Mathers and Midsomer Norton Branch Manager Roy Warren.
During the visit, Mr Rees-Mogg learnt about the work Folk2Folk has carried out to support Somerset-based SMEs through local investment, and discussed the importance of business funding to fuel the local economy.
Since its inception in 2013, Folk2Folk has enjoyed great success across the South West, becoming a leading lender to rural businesses. The company has introduced over £80million of investment into the regional economy by facilitating lending to borrowers in various industries including house building, land and property acquisition, leisure facilities and renewable energy.
Originating from the South West, Folk2Folk has now become one of the largest peer-to-peer lenders to business in the UK. It was awarded the Best Lending Platform for Small Businesses 2015 by AltFi, a leading world news site for alternative finance. The business enjoyed a successful 2015, doubling its volume of lending to businesses, meaning it is in a strong position to expand in 2016 and achieve long term growth.
Folk2Folk aims to replicate its local successes on a national scale by opening up new branches and networks in other counties to enable customers to support their community by investing in local initiatives.
The Midsomer Norton branch opened its doors in November 2014 and since then has provided local investment opportunities for Lenders in Somerset and provided funding to local businesses. Folk2Folk believes that money should be kept local and within the county, so it offers a straightforward way for people to invest money in local business and enjoy the benefits of a competitive interest rate.
Jacob Rees-Mogg, Member of Parliament for North East Somerset said:
“It was a pleasure to visit the Folk2Folk office and learn about their business model of local lending. My ancestors’ legal practice (the forerunner of Thatcher and Hallam) was involved in private mortgages, which provided the foundations for the type of service offered by Folk2Folk today. It is good to see the return to a traditional way of funding to this community. Folk2Folk enables local businesses to benefit from individual investments by those wanting a higher return on their money. This has had a positive effect in my constituency of North East Somerset with businesses securing funding through Folk2Folk. This money provides them with the means to carry out ambitious projects giving a boost to the local economy.”
Folk2Folk Co-founder, Louis Mathers, said: “It was a privilege to welcome Mr Rees-Mogg to our Midsomer Norton branch and we were delighted to discuss with him some of the work we have been doing in Somerset and share some of our local business success stories. Folk2Folk hopes to continue our relationship with Mr Rees-Mogg and his colleagues as we look to replicate the success we have achieved in Somerset and the South West across the rest of the country.”