We're delighted to announce that we've funded a record number of loans in Q1 2021, with a 44% increase in capital lent compared to Q1 2020.
The pandemic brought about new challenges for alternative lenders, with some unsecured lenders retracting from the market altogether and others choosing to provide Government-backed loans only. At Fleximize, we decided to take a different approach, relaunching our offering in August 2020 to ensure our products and processes were closely tied to changing customer needs during the pandemic.
Crucially, our products were adapted to sit alongside Government support schemes so that UK SMEs could access the finance they needed to survive the pandemic. These changes to our approach led to a subsequent rise in lending to businesses in essential sectors such as human health, transport, and manufacturing.
Notably, we saw a 771% increase in capital lent to businesses within the accommodation and food industries in Q1 2021 compared to Q1 2020. During the same period, we saw an 81% increase in capital lent to human health SMEs and a 70% increase to businesses in the manufacturing industry. With roots in Suffolk, we were also especially pleased to see that there was a 20% increase in capital lent to East Anglian businesses in Q1 2021 compared to Q1 2020.
Peter Tuvey, Co-Founder and CEO of Fleximize, said: "Last year was particularly challenging for us and many other alternative lenders, so I’m extremely proud of the team for showing such incredible resilience which has led to our most successful Q1 in the business' seven-year history. In the coming months, we've got plans to make further tweaks to our processes and products to support even more businesses as we come out of lockdown and move into the next stage of the pandemic."