In mid-March (2020), 45% of UK businesses reported* lower than normal turnover levels as a result of COVID-19

*PWC Report ‘Covid 19 UK Economic Update’ – 7th April 2020

Millions of SMEs only have weeks before they run out of cash.

After this time, irreparable damage will have occurred, both to the UK economy, and to the millions of whose livelihoods depend on theses businesses.

However, even when the funding made available, businesses not only struggle to consume and interact with financial services, but also with the mere concept. This makes it impossible for businesses to obtain working and growth capital. As a result, access to credit had almost halved since 2008, creating a £1.2trillion credit gap globally even before the Coronavirus crisis.

In normal times, lenders take on average 90 days to deploy capital to SMEs. Furthermore 57% of all SME credit applications are either abandoned because they are just too hard, or ultimately rejected. This challenge is exacerbated by the Coronavirus crisis.

Our taskforce of industry experts have come together to address this issue.

Our aim is to make available a new business credit origination and underwriting infrastructure to lenders that is capable of deploying funds at the scale and speed required to have the desired impact.

IBSview podcast – 9th April 2020
with Martin McCann, CEO, Trade Ledger and
Founder, Coronavirus Fintech Taskforce

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