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Capitalise.com launches coronavirus loan scheme platform

UK-based Capitalise.com has launched a centralised platform for Coronavirus Business Interruption Loan Scheme (CBILS) applications in order to help small businesses apply for government-backed loans.

The aim, Capitalise.com said, is to help businesses access the funding they need to “confidently navigate this changing economic climate, as quickly as possible”.

The adviser-led funding platform said that in the past week, it has seen a 100 per cent rise in SME financing applications, with a 250 per cent increase in the value of the average lending request. In the first two days of this week, the platform saw the same volume of applications as the previous week in total.

Furthermore, Capitalise.com said, business owners and associations have expressed concerns over the complexity of applying for funding.

In response, Capitalise.com launched a single point of access application platform for the CBILS, as well as a centralised support hub with up-to-date information, training, guides and webinars.

Through the platform, both businesses and their accountants will be able to compare, apply and access funds from the approved lenders on the government scheme to help reduce the financial consequences of Covid-19.

Paul Surtees, CEO and Co-Founder at Capitalise.com, said: “We’ve built these services with the aim of providing all the necessary support and information SMEs need to help them weather the storm. Coupled with the declining number of physical bank branches, the current situation places the utmost importance on accountants being able to provide the information needed by SMEs.

“Ultimately, peoples’ health is what’s most important, so hopefully, by helping take care of finances, business leaders will be able to focus on what matters most without distractions,” Surtees said.

Capitalise.com has aimed to empower accountants to act as advisors for SMEs, taking over the role previously held by bank managers.

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