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Q2 Cloud Lending helps GetCapital accelerate loans to SMEs affected by COVID-19

Q2, Q2ebanking, cloud, FinTechNorth Sydney-based GetCapital, a non-bank lender, has adapted Q2’s suite of working capital products in 2 weeks. The solutions by Austin-based Q2, a provider of digital transformation solutions for banking and lending, is expected to accelerate application acceptance and funding to small and medium enterprises under the Australian Coronavirus Small and Medium Enterprises (SME) Guarantee Scheme.

The solution is provided via Q2 Cloud Lending, Q2’s integrated, cloud-based lending platform. Due to the urgency of getting financial support into the hands of SMEs, the solution is focused on streamlining and digitising the loan process. It can be set up and running within a week. The solution is designed to meet the expectations of the mobile-first borrower. It is built natively on the Force.com platform.

“We are thankful the Treasury operationalised the Scheme very quickly,” said Jamie Osborn, CEO, GetCapital. “A key challenge for businesses is getting access to finance to help with the liquidity they need to see them through to the other side of this crisis.”

The Coronavirus SME Guarantee Scheme will support up to $40 billion of lending and guarantee 50 per cent of new loans issued by eligible lenders to SMEs. The initiative will enhance lenders’ willingness and ability to provide credit, supporting many otherwise viable SMEs to access vital additional funding to get through the impact of Coronavirus. The Scheme will be available for new loans made by participating lenders until September 30, 2020.

“SMEs have been some of the hardest hit in this crisis, and using technology to help deliver aid and reduce their pain during this moment is critical. We are committed to working with organisations like GetCapital to help them serve those who need them most right now,” said Chris Boas, managing director of Q2 Cloud Lending in Australia.

“Q2 Cloud Lending provided great support,” said Eldar Averdi, CTO, GetCapital. “The flexible, cloud-based platform enabled us to deliver a solution in a very short period of time with features such as 6-month payment deferral.”

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