RUPA HUQ MP VISITS FUSHI WELLBEING, AN AWARD-WINNING LOCAL BUSINESS BOOMING THANKS TO INVESTORS AT FUNDING CIRCLE
13 June 2016: Rupa Huq, MP for Ealing Central and Acton, today visited award-winning local business Fushi Wellbeing: a health and beauty retailer. The company has harnessed alternative sources of business finance and the growth in online retail to build a thriving ethically-focused business based in Cunnington Street, South Acton.
Ms Huq met with Fushi Wellbeing’s Managing Director, Rannesh Jansari at the company’s headquarters to hear about the company’s latest awards and see how the business is growing thanks to loans through Funding Circle, the UK’s leading online marketplace for small business loans.
Fushi Wellbeing has taken out two loans financed by 2780 individual investors via the Funding Circle platform. This investment has helped the online retailer keep up with growing demand for their health and beauty products. It also enabled the company expand a new range of yoga and fitness clothing and accessories.
The investment has been accompanied by Fushi Wellbeing’s central commitment to building an ethical and socially responsible business. In recognition of this, the business has been honoured with the prestigious Ethical Award from The Ethical Company Association.
Fushi Wellbeing ranks within the top three of the Good Shopping Guide’s Ethical Company Index (scoring 92%) and its commitment to using organic and natural ingredients has seen it approved by both the Vegetarian Society and the Soil Association. The strength of the company’s ethical credentials has seen it secure no less than 19 awards across its product range.
Rupa Huq, Member of Parliament for Ealing Central and Acton said:
“It was great to visit such a thriving local business to learn more about alternative funding methods and the way in which they contribute to our local economy. My father ran a small business, so I understand how vital quick access to finance is. Small businesses like Fushi Wellbeing are the lifeblood of local communities like ours and it’s fantastic to see them growing and thriving.”
Rannesh Jansari, Managing Director at Fushi Wellbeing said:
“We were delighted to welcome Rupa to our business today and show her some of our latest product range. Our experience with Funding Circle has been fantastic – it’s a great way for businesses like ourselves to quickly access the finance we need.”
Natasha Jones, Communications Manager at Funding Circle said:
“It’s great to see how Fushi Wellbeing has grown with the finance they received through Funding Circle. By connecting investors directly with borrowers through our online platform, small businesses are able to get access to finance in a matter of days rather than months. In this area alone, over £4m has been accessed by 27 businesses through the Funding Circle marketplace in the last five years.”
Launched in August 2010, Funding Circle enables businesses to access finance independent of their banks, whilst investors earn attractive returns. To date investors have lent more than £1 billion to 15,000 businesses in the UK alone, helping to create an estimated 50,000 jobs.
To be eligible, businesses must typically have a minimum turnover of £50,000 and have been trading for at least two years. Once businesses pass Funding Circle’s credit assessment processes, their loan is posted on the marketplace. From here, investors choose which businesses to lend to. Investors can bid small amounts, from as little as £20, on lots of different businesses to spread their risk.