As energy costs continue to soar, Funding Circle is partnering with Rainbow Energy to help small businesses switch to clean energy.
Through the partnership, the small business lending platform will enable small businesses to place a loan towards investing in solar panels and battery storage systems through Rainbow Energy.
Headed up by Funding Circle co-founder Andrew Mullinger, Rainbow aims to help households and small businesses decarbonise and install clean energy assets to “become their own energy provider”.
“Since the energy crisis began last year, Rainbow has been helping small businesses to take control of their energy supply, and with it, the ongoing cost,” Mullinger said.
“This collaboration makes it easier than ever for businesses to improve their energy efficiency, reduce costs and pave the way for a sustainable energy future.”
Solar panel prices are currently down by more than 60 per cent since 2010, and currently take about seven years to become cost-effective.
Customers will be able to use a Funding Circle loan to install solar panels and battery storage.
So far, the lending platform has helped more than 135,000 businesses get access to more than £15bn in funding.
“At Funding Circle, our mission is to help more small businesses get the funding they need to win, and we’re always looking for new and innovative ways to do this,” Funding Circle UK managing director Alexander Allen said.
“This partnership is an exciting opportunity for Rainbow small business customers to apply quickly and easily for a Funding Circle business loan in order to make the switch to solar energy.”