Funding Xchange, the finance platform that powers the MoneySuperMarket’s business finance channel, is partnering with Enterprise Nation in a bid for funding from BCR Pool E.
If the joint bid is successful, the SME support network, Enterprise Nation will use the Funding Xchange’s technology and platform to build and launch the Enterprise Nation Finance Portal. The new lending tool aims to help thousands of SMEs in the UK to access the funding they need to grow their businesses.
The Enterprise Nation Finance Portal would include access to funding through online learning tools backed up by a network of 10,000+ advisers across the UK. The focus would be on helping startups and micro businesses to build the foundation that will allow them to access funding and also help for them to reach their potential goals.
Katrin Herrling, CEO of Funding Xchange said, “Traditionally, bank managers played an important part in supporting the local business community with advice and guidance through the different growth stages. With the reduction of frontline staff and the rise of digital lenders that are excellent at making funding available to those businesses that are ready to access finance, this has left a gap.
“The Enterprise Nation Finance Portal will fill this gap by providing the much needed access to tools and advisers – as well as access to finance solutions.”
Emma Jones, Founder and Chief Executive of Enterprise Nation said, “Adding the Enterprise Nation Funding Finance Portal to the overall Enterprise Nation platform would make a huge difference to many of the businesses that look to us for help and support.
“Funding Xchange is already doing amazing things to plug the funding gap, and with the support of the RBS Remedies fund, we could do so much more to help businesses at this critical time.”
New research from Funding Xchange highlights that many smaller and early stage SMEs need loans and overdrafts to run their businesses but are unable to access them through the traditional routes such as high street banks. At the same time many of them do not qualify for the government supported Bounce Back loans so they are stuck between a rock and a hard place and need financial help now.
The new Finance Portal would help these UK SMEs access the finance they need from new digital and challenger banks, and alternate lenders, on market terms and more importantly with no commission costs.