Scott Mann, Member of Parliament for North Cornwall, last week visited the headquarters of leading peer-to-peer lending (P2P) company, Folk2Folk, in Launceston. Mr Mann was welcomed by Folk2Folk Chief Executive Officer Jane Dumeresque and Managing Director David Brown.
Over the course of the visit, Folk2Folk and Mr Mann discussed the importance of supporting local businesses, fuelling the local economy and boosting job creation in the region. Mr Mann learnt about the work Folk2Folk has carried out in the area to support Cornish-based SMEs through enabling local investment in businesses looking for finance.
Of particular note was the positive impact Folk2Folk has had in terms of affordable housing in the local area. Within Mr Mann’s constituency of North Cornwall, 98 new residential properties have been funded through Folk2Folk of which 29 are affordable homes and a further 20 commercial units.
Other projects Folk2Folk has been involved in locally include helping kick-start the mixed-use development project in Truro that will help facilitate infrastructure for Cornwall’s very own 6,000-seat sports stadium. The community Stadium for Cornwall will be home to regional rugby team the Cornish Pirates and Truro and Penwith College, amongst others.
Folk2Folk, which currently has offices in Cornwall, Devon and Somerset, is built upon traditional values and has enjoyed huge success in the South West region since its inception in 2013 – supporting businesses and investing many tens of millions of pounds in the regional economy by facilitating lending to borrowers in various industries including house building, leisure facilities and land and property acquisition.
Originating from Cornwall, Folk2Folk has now become one of the largest peer-to-peer lenders to business in the UK. Over the coming months, the company aims to replicate its local success nationally by extending its offering to other areas of the country where it will enable customers to invest in initiatives local to them – and, in doing so, to support their local community.
Scott Mann, Member of Parliament for North Cornwall, said: “It was a pleasure to meet David and Jane from Folk2Folk who explained how Folk2Folk facilitates the introduction of funds between lenders and borrowers. Folk2Folk has a great business model of peer-to-peer lending, which enables businesses in the community to benefit from investments from individuals who are looking for a competitive return. This has, to date, had an extremely positive effect in North Cornwall alone with businesses in our local area securing funding through Folk2Folk. This has enabled them to press ahead with ambitious projects, boosting the local economy and providing jobs for members of our community. Folk2Folk is one of the largest P2P lenders to business in the UK and we should be proud that it calls Launceston home.”
Folk2Folk’s Chief Executive Officer, Jane Dumeresque, said: “It was a great honour to welcome Mr Mann to our Launceston headquarters and we were very proud to share with him some of the local business success stories we have helped write by enabling our customers to invest in local enterprises and initiatives. We look forward to continuing to work with Mr Mann and his colleagues to facilitate access to funding for SMEs in Cornwall and beyond.”