Loan platform Funding Xchange has been awarded £5m by BCR as part of the Pool E allocation of the RBS Remedies fund.
Funding Xchange applied for the funding together with challenger bank Shawbrook Bank, the National Association of Commercial Finance Brokers (NACFB) and small business advice platform Enterprise Nation.
Together, they hope to make SME finance more accessible, affordable and sustainable.
Working with Enterprise Nation and NACFB, Funding Xchange will develop SME and broker finance hubs providing an additional 1.1 million businesses.
Funding Xchange said it would collaborate with challenger banks and alternative lenders in order to deploy its platform as a plug-and-play solution to automate their decisioning and connect SMEs to the wider lending ecosystem, helping these businesses slash their costs.
“Working with our partners, with the support of the allocation from the Pool E fund, we will make a material difference to the ability of many thousands of startups and growing small businesses to access the funding that they need at the most competitive pricing,” said Katrin Herrling, co-founder and CEO of Funding Xchange. “At the same time we will be providing the tools to the banks to enable them to analyse when repayments can be achieved.”
Founder and CEO of Enterprise Nation, Emma Jones added, “Enterprise Nation is recognised as the leading advice platform for small businesses. Engaging with Funding Xchange to create an Enterprise Nation Funding Hub will mean that many businesses will now be able to access the finance they need as well as trusted advice on how to manage those funds. We are delighted to be working with Funding Xchange on a project that will make such a difference to business owners.”
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