Funding Xchange (FXE), a UK-based fintech that helps people and organizations find suitable business loans and funding options from its marketplace of more than 45 established lenders, announced on Tuesday it has formed a new partnership with Experian to launch an online service for banks so businesses requiring funding during the COVID-19 pandemic can check if they meet their lending criteria. The service will cover Coronavirus Business Interruption Loan Scheme (CBILS) and other loans.
According to The Fintech Times, businesses may use the service to find out if they are eligible for funding from their own bank, or more than 40 other lenders who are offering finance. Funding Xchange and Experian reportedly in talks with major banks across the market. The service is notably free for applicants to use. While sharing more details about the service, James McGarva, Managing Director of Business Information Services at Experian, stated:
“Businesses have no time to lose in getting the funding they need to keep their company afloat. The Covid-19 pandemic has spiked demand for finance at a time when banks have been forced to close their doors and many staff are unable to work.”
Businesses using the service are able to complete an online application journey to assess their eligibility in minutes for both CBILS and non-CBILS finance. It works out of the box for lenders and does not require technical integration.