Read the full blog post at the Finpoint website by clicking here.
'By now, we’ve spoken to businesses in many sectors that are starting to see a slowdown. Think tourism, hospitality or even supply chains. In a matter of days, what was a theoretical question in a blog (How would your business trade through a rough patch?) is now sadly the reality for business owners up and down the country.
Finpoint is fortunate to be a partner of choice for a wide range of business support groups, which puts us in a unique position. For example, we have links with FSB and UK Finance, giving us an early view on:
- how to get information in the hands of SMEs swiftly, and
- the shape of the Coronavirus Business Interruption Lending Scheme
Based on these partnerships – and our original plan for this blog – we have put together a list of helpful resources. Things are moving fast, which may mean we need to revise the list, so please check back for updates.
Take care with whom you share your data
Not all websites are created equal. Some are just nice ‘shopfronts’ promising you easy access to finance, with not much behind them. And during a crisis such as coronavirus, you can expect more of those to appear. Remember that criminals are experts at impersonating people, organisations and the police.
To get real help for your business finances, you are better off going through trusted 3rd parties. For example, FSB or UK Finance are reputable industry bodies that have a track record of supporting small businesses over many years. And thanks to our tech being embedded in their business finance services, you can control who gets access to your data.
Learn more: Take Five to Stop Fraud is a national campaign offering straight-forward, impartial advice that helps prevent email, phone-based and online fraud – particularly where criminals impersonate trusted organisations.
Access finance fast, wherever your work takes you
Through to the use of technology, we can help you find finance fast. And it doesn’t matter if you are in the office or are working from home.
This is good news for business owners looking for an alternative, e.g. to a bank overdraft. You can enter a few bits of information in our secure platform and get an Instant Quote on-screen. We use APIs (Application Programming Interface) to make the Finpoint platform compatible with providers such as iwoca or Capital on Tap, who are currently seeking accreditation by British Business Bank for Government-backed lending. And we are looking to add more funding options as quickly as we can.
Stay in touch with your bank
If your business is losing revenue, or seeing your cashflow disrupted, as a result of the coronavirus outbreak, then you may be eligible for support from the Coronavirus Business Interruption Loan Scheme (CBILS). Since launch on 23 March 2020, the British Business Bank continues to work at ‘wholesale’ level with a wide range of lenders to support the continued provision of finance to UK businesses.
As of 27 April, there are now 50+ accredited lenders for CBILS supporting a wide range of business finance products. These include term loans and asset finance facilities with a term of up to six years and overdrafts and invoice finance facilities with a term of up to three years.
For information on how to apply, please check our coronavirus business loan options or visit the British Business Bank website. And remember, Finpoint Platform is free to use and with over 130 different providers features the largest selection of business finance providers in the UK.'