SMALL-BIZ LENDER WILL OPEN OFFICE IN DENVER, HIRE 290

Small business-loan provider Funding Circle said Wednesday that it will open an office in downtown Denver this summer and hire 290 employees over the next two years.

The United Kingdom company, which has its U.S. base in San Francisco, eschews the traditional banking system. Instead, it pools money from investors and government sources such as the British Business Bank. It then makes loans to small businesses ranging from $25,000 to $500,000.

Since its European inception in 2010, Funding Circle has loaned $5 billion to more than 40,000 businesses around the world, including $1 billion to U.S. businesses.

“Denver today serves as a hub for both the financial services and technology industries, making it an ideal second home for us in the United States. We are excited to become part of the Denver community and grow our team in the Mile High City,” Bernardo Martinez, the organization’s U.S. managing director, said in a statement.

The expansion also helps the company get closer to borrowers in the central and eastern part of the United States.

Funding Circle was awarded a $5.2 million tax credit from Colorado. But it only receives the credit if it fills 291 jobs at an average annual wage of $66,984 over eight years. The primary jobs will be sales and loan operations roles, said spokesman Connor Murphy.

The Denver office location hasn’t been finalized, but it should be “up and running in July,” he said.