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Funding Circle SME agrees loan with EIB

20 June 2016 08:19

Funding Circle SME Income Fund has entered into a formal agreement with Funding Circle Limited and the European Investment Bank for a £100 million loan to advance credit to UK SME loans via the Funding Circle marketplace.

The company will contribute £25 million to the joint enterprise with the EIB.

The transaction is expected to significantly contribute to the Company achieving its target return of 8-9% per annum, once the EIB loan has been fully invested.

The company has also declared a maiden dividend of 1.00 pence per share payable to ordinary shareholders in July 2016. This payment exceeds the 0.75 pence expected at IPO, due to the strong cash flows from the company's portfolio of credit assets.

And the company reconfirmed its intention to pay subsequent quarterly dividends at a rate of 1.5 pence to 1.75 pence, which represents a prospective dividend yield of approximately 6-7% based on the current share price, and to grow the dividend in line with prevailing market conditions.

At 8:19am: (LON:FCIF) Funding Circle Sme Income Fund Limited Ord Npv share price was +1.25p at 96.5p

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