Alleviating the hardship to UK small and medium-size enterprises (SMEs) during the COVID-19 pandemic is paramount, and the UK government has pledged up to £330 billion of loan guarantees under the Coronavirus Business Interruption Loan Scheme (CBILS). However, delivering these loans in the timeliest manner is cause for concern.
Why accredited lenders must act quickly
Many small businesses, including pubs, restaurants, and retailers, are feeling a significant financial blow and need immediate cash to continue operations and pay suppliers. As a result, accredited CBIL lenders don’t have the luxury of time to distribute the funds. The Institute of Directors, with 70% of its membership being SMEs, has stated that one-in-five firms rank the financial threat to their organisation from the coronavirus as “high” or “severe”. A further 43% said there was a “moderate” threat. According to Market Finance, the situation was even more of a concern with 69% of SMEs indicating they have significant cash flow problems and over 33% fear that without support, they would not last until Easter.
Accredited Lenders: Digital technology will make a dire situation better
Given the critical need for funds, speed and efficiency are paramount. This scenario is unprecedented, only the best innovative technology will support accredited lenders as they look to support UK SMEs. Q2 Cloud Lending can provide a real-time application and documentation process that makes the application and underwriting experience simple and easy while meeting specific CBIL requirements. Through our 100% digital solution, accredited lenders can automate processes and deploy same day decisioning so they can quickly support SMEs seeking their assistance during this critical time.
Our SaaS solution can be delivered 100% remotely – ensuring government social distancing rules are adhered to.
Learn more about this lending solution.
