Funding Options: NGO against COVID-19 ^{Non-funding Support}

Entity: Funding Options
Category: Non-funding support
Description: Funding Options is a business to business services marketplace platform operating in the UK and the Netherlands. Funding Options uses modern web technology to make it easier for small firms to access the right finance. Previously selected by judges from SWIFT as one of the world’s most promising financial technology (FinTech) firms, and more recently a winner of Banking Technology magazine's annual global award for best use of technology in lending.

1. Project: Open banking for 20 lenders
. Summary: Funding Options plugs into open banking with 20 lenders. The UK business loan marketplace has adopted open banking technology to help lenders cut down on loan decision times as coronavirus puts new urgency on applications. “Businesses applying for finance will see their application time reduced from days and hours, to just minutes,” the company says. In March, the marketplace saw 10,000 businesses apply for more than £1 billion worth of loans, prompting the urgency of its open banking integration.

2. Project: Funding Options help UK businesses to access Working Capital
. Summary: The UK government has pledged support for businesses through the Coronavirus Business Interruption Loan Scheme and other temporary and targeted measures. These are designed to help companies manage cash flow during this difficult period through unlimited loans and guarantees. An initial £330 billion of guarantees will be made available, which is equivalent to 15% of UK GDP. Funding Options is liaising closely with government, trade bodies and its lending partners. Some are part of the Coronavirus Business Interruption Loan Scheme (CBILS).