Business development · 23 April 2020

Fintech firms rally together to support SMEs through COVID-19

Fintech SMEs

A consortium of Fintech companies are offering support to the Government to speed up the distribution of SME loans during the COVID-19 outbreak.

The group is made of up 167 UK Fintech companies, withfintech entrepreneur and WorldPay founder, (a payments processing company) Nick Ogden, spearheading the campaign which is designed to help small businesses that need up to 150, 000 loans to stay solvent and manage cash flow.

The consortium is calling for 5bn in government funding to kick start distribution before the end of the month.

April 2020 has proved to be a financially challenging month for UK SMEs, despite the Government’s efforts to provide loans (namely through the CBILS scheme), only 0.5% of the 330bn SME loan budget has actually been issued to businesses.


 
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