FOLK2FOLK, the national Marketplace lender for SMEs in regional Britain, has announced a pre-tax profit of £534k for the company’s first financial quarter of the year (unaudited accounts for Feb-Apr 2021).
Earlier this year, FOLK2FOLK announced a 2020 profit of £1.1M which saw the company surpass its pre-pandemic profit target for the year and was a significant increase from its 2019 profit of £198k.
Today’s quarterly profit announcement reveals a 125% increase on the same quarter in 2020 and provides almost half of last year’s impressive profits in only three months.
The quarter’s biggest month was March which saw FOLK2FOLK support several multi-million-pound loans across regional Britain and totalled £15.7M.
Roy Warren, FOLK2FOLK Managing Director, said: “We were resolute in our determination to remain a stable support for our borrowers and investors last year and so were very proud of our performance in 2020, against all odds. So, to have achieved around half of last year’s profit already this year, in just the first quarter, is quite astounding and spurs us on with even greater enthusiasm.
“Our folks are motivated to help as many small businesses as we can across regional Britain. We are a rural born and bred business and we want to help those businesses outside of city centres get the finance they need to start, grow and ‘level up’. We understand them and the challenges they face, and that is why we take an holistic approach to lending and are often able to help when other funders cannot. We’ve made it our mission to help the under-served regional businesses and have the backing and support of our loyal investor-base.”
FOLK2FOLK and its investors have injected more than £436M into SMEs across regional Britain, enabling hundreds of small and rural businesses across a variety of sectors to grow, diversify or adapt to the post-Brexit and Covid environment.