British government grant to boost peer-to-peer lending

Alternative lending for British small businesses that uses the web to match borrowers and lenders received a £110m (€136.5m) boost from the UK government and private sector today.

Business Secretary Vince Cable pledged £55m (€68.3m) to small business finance through peer-to-peer lenders, splitting the cash between providers Funding Circle, Zopa, Boost and Credit Asset Management.