The launch comes in response to the chancellor’s unveiling of measures designed to combat disruption caused by coronavirus (Covid-19)
Adviser-led funding platform, Capitalise.com is announcing that it has launched a single point of access Coronavirus Business Interruption Loan Scheme (CBILS) application platform to make it easier for small businesses to apply for government-backed loans. Both businesses and their accountants will be able to compare, apply and access funds from the approved lenders on the government scheme to help reduce the financial consequences of Covid-19.
Capitalise.com has also launched a centralised support hub which offers free resources and advice, to help give small businesses and their advisors financial confidence in times of uncertainty.
Capitalise.com has been championing accountants and empowering them to act as advisors for SMEs, taking over the role previously held by bank managers, since it launched in 2015. Funding applications are already rising significantly; Capitalise.com data shows that there was a 100% rise in the number of applications for SME financing last week, with the value of lending requested increasing by 250% on average. What’s more, the first two days of this week alone saw the same volume of applications as last week’s total.
This shows that businesses are already feeling the financial ramifications of Covid-19, but despite the Government’s efforts, confusion and uncertainty has been high as lender behaviours continue to change. Capitalise.com has also found that the acceptance window for unsecured lending has reduced from 30 to seven days, however secured lenders are requesting a higher level of security and coverage, and more documentation is needed to make underwriting decisions. Applicants are also being asked to provide full details on the impact that Covid-19 will have on their business. With such complexity to contend with, the role of the accountant is more important than ever in supporting their clients through this process.
It is hoped that the CBILs application platform, coupled with free access to Capitalise.com’s business hub, will help businesses access the funding they need to confidently navigate this changing economic climate, as quickly as possible.
Capitalise.com’s business hub provides up to date information, training, guides and webinars, including:
Access to business interruption loans- Coronavirus Business Interruption Loan Scheme (“CBILS”) from the British Business Bank
Access to the entire lending market with insight into lenders’ changing appetite, particularly in retail
Access to £1.3 billion of lending backed by the government.
Paul Surtees, CEO and co-founder at Capitalise.com said: “We’ve built these services with the aim of providing all the necessary support and information SMEs need to help them weather the storm. Coupled with the declining number of physical bank branches, the current situation places the utmost importance on accountants being able to provide the information needed by SMEs. Ultimately, peoples’ health is what’s most important, so hopefully, by helping take care of finances, business leaders will be able to focus on what matters most without distractions.”
Capitalise.com are hosting a number of live webinar sessions for accountants, find out more here.