Recent Release | 26 Mar 2021
Supporting SMEs through the crisis and recovery: Funding Circle’s 2020 impact
Economic Consulting Team
Oxford Economics
According to a new report by Oxford Economics, Funding Circle’s loans under management to SMEs at the end of last year made a total annual contribution of £10 billion to the UK and US. The lending supported 135,000 jobs and £2.8 billion in tax revenues.
Small and medium-sized enterprises (SMEs) faced a challenging year in 2020. SMEs were impacted by restrictions and closures resulting from Covid-19. The significant support provided by government highlights their importance to the UK economy. With online borrowing increasing, Fintech lenders were well-placed to support SMEs with the finance they required throughout the year.
Funding Circle made a considerable contribution to the Coronavirus Business Interruption Loan Scheme, lending far and wide to businesses in 378 out of the UK’s 379 Local Authority Districts, contributing to the levelling up agenda.
About the team
Our Economic Consulting team are world leaders in quantitative economic analysis, working with clients around the globe and across sectors to build models, forecast markets and evaluate interventions using state-of-the art techniques. Lead consultants on this project included:
James Bedford
Senior Economist
+44 (0) 203 910 8133
James Bedford
Senior Economist
London, United Kingdom
James is an Economist working within the consultancy division of Oxford Economics.
James first joined Oxford Economics in July 2016 as part of his industrial training scheme, when he spent the year assisting the economic impact team with a wide range of projects. Following his industrial placement, James returned to Newcastle University to complete his BSc in Economics. For his dissertation, James was awarded the European Award for Aviation Economics by the German Aviation Research Society. He has re-joined the consultancy division working primarily with economic impact studies.
Andy Logan
Director of Industry Consulting
+44 203 910 8051
Andy Logan
Director of Industry Consulting
London, United States
Andy Logan leads our Consultancy offer on different industries for clients. He undertakes studies forecasting the demand for company’s products, analysing the drivers of different industries growth, and assessing the size of different markets and industries. He also investigates the competitive pressures and opportunities facing industries now and in the future. Another area, where he has a keen interest is in studies assessing the demand and supply of labour for different industries and occupations, identifying potential skill shortages and implications for migration.
He has worked with clients in most industries, and in many countries of the world.
Prior to joining Oxford Economics, Andy worked in a variety of economist roles at the Bank of England for 15 years. His research focused on the labour market, commodity and producer prices, UK trade flows, and the performance of UK banks. He holds an MSc. and BA. degrees from the universities of London and Leicester.
Related Services
Post
The economic impact of abandoning the WTO
Oxford Economics have been commissioned by the International Chamber of Commerce (ICC) to provide an independent assessment of the economic impact of WTO dissolution. This report details our findings and the assumptions underpinning our analysis.
Find Out More
Post
The economic impact of the sports activities of public service media
This study shows how the sports activities of public service media supported €4.5 billion of GDP and 57,000 jobs across 31 European countries in 2022. The report also highlights wider economic benefits of public service media sports coverage, such as the way in which it leverages sponsorship income for sports bodies.
Find Out More
Post
Global Trade Education: The role of private philanthropy
Global trade can amplify economic development and poverty alleviation. Capable leaders are required to put in place enabling conditions for trade, but currently these skills are underprovided in developing countries. For philanthropists, investing in trade leadership talent through graduate-level scholarships is an opportunity to make meaningful contributions that can multiply and sustain global economic development.
Find Out More