Paul Marston

RateSetter exec sees opportunity in Brexit

While the head of one of the United Kingdom’s largest P2P sites understands why small business owners are hesitant to make big decisions in Brexit’s wake, he cautions them to not miss the opportunities either.

Managing director Paul Marston recently spoke about the subject, saying that while small businesses are, well, small, they are also more nimble.

Paul Marston

“Given the economic uncertainty created by Brexit, it is easy to understand why some small business owners have postponed important business decisions. However, SMEs have some important advantages which position them well to navigate through this period successfully. They can more easily adapt business models, diversify into new activities and implement new ideas.  It will be the business owners who are forward-thinking and act positively and decisively who are most likely to use uncertainty to their advantage.”

Those small businesses wishing to avail themselves these opportunities have some nontraditional funding sources at their disposal.

“For SME businesses that see opportunities to invest for future growth, the good news is that there are now real alternatives to the banks in terms of access to finance that can be provided in a simple and straightforward manner. We stand ready to help these businesses realise their plans.

“The door is open for business leaders to redefine Brexit so that it is seen as an opportunity, rather than a threat.”

RateSetter investors have lent almost £2 billion to UK individuals and businesses. Investors can lend at rates set in an open market. All borrowers pay into a provision fund which reimburses investors that do not receive a scheduled payment.

“RateSetter’s Provision Fund has a 100 per cent track record to date, but capital is at risk and RateSetter is not covered by the Financial Services Compensation Scheme,” the company said in a release.

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