Huge numbers of small businesses need funding to keep their businesses going, and they need it fast. The Government's financial interventions relating to COVID-19 are laudable, but even despite the unprecedented speed they are moving at, they may still be reliant on traditional banking infrastructure that could take longer to hit home than many small businesses need, given the huge drop in footfall over recent weeks.
This is exactly where fintech comes into its own, allowing tech-driven financial services to provide funding and invoice insurance on a mass scale, to small businesses that need them in a hurry. The services mentioned in the article (Trade Ledger, Wiserfunding, Nimbla and Northrow) and many others like them (e.g. iwoca, Funding Circle, Market Finance, Fluidly, Fractal) aren't as well known amongst the UK's vast small business community as they should be, but are definitely worth a look for any small business that is struggling with cash flow right now.
The joint lending platform, which includes baked-in risk assessment, KYC and insurance capabilities, will be able to support any type of term loans, invoice finance and asset finance with funds deployed within days as opposed to weeks