UK Fintech Lenders Could Help Fund £1bn per month to SMEs

The UK government is planning to inject hundreds of billions of pounds into the UK economy to prop up small businesses; some traditional lenders have withdrawn from the program and fintech lenders say there are too few approved lenders as it currently stands; “I urge the British Business Bank and the Government to involve the companies that have been so relevant in keeping small businesses afloat and to give them the opportunity to participate in, in their funding,” Liberis CEO Rob Straathof said to AltFi; the current system risks being flooded with applications and will be unable to process them efficiently; “Most of us have highly automated underwriting. So in terms of between a company applying and a company actually getting the money into your account, maybe same day, or within a few days. That’s the power versus banks who need a long underwriting process,” Straathof added. Altfi

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