Last week, ABN AMRO announced the launch of its new SMEs initiative, New10. According to the company, New10 allows SMEs to know within 15 minutes whether they qualify for a loan and under what terms and conditions. ABN AMRO noted New10 meets the needs of this group of SMEs that want to take out a loan entirely online.
ABN AMRO revealed New10 provides loans ranging between EUR 20,000 and EUR 1 million. An applicant selects the different parts of the loan himself and chooses the purpose, amount, and term of the loan. They then upload their transaction details and financial statements. The initiative then uses this information to automatically determine the business’s financial soundness. Mark Schröder, co-founder and Commercial Director of New10, stated:
“SMEs play an important role in our economy – they are a key driver of economic growth. New10 responds to the desire of SMEs to finance their growth ambitions online, quickly, easily and clearly. The applicant gets an answer within 15 minutes. In the last step, the applicant provides digital identification and the contracts are digitally signed. Within two days, the money is deposited into the business owner’s account.”
Daphne de Kluis, CEO of Commercial Banking at ABN AMRO, went on to add:
“New10 embodies our enterprising approach to digitalization and innovation. We combine the bank’s knowledge and experience with the digital skills and ideas available outside the bank. New10’s fully digital approach responds to the needs of a growing group of businesses that want to do everything online.”