JustUs founder Lee Birkett has launched a petition urging the Treasury to permit coronavirus enterprise interruption loans (CBILS) to be channelled via fintech corporations.
Birkett’s petition outlines how the scheme would work and argues it will be sooner than counting on banks.
For loans as much as £50,000, it suggests, candidates might submit a self-declared utility primarily based on their 2019 revenues that might be signed on-line with loans disbursed inside 24 hours.
A monetary adviser or accountant might confirm pre-coronavirus revenues and cashflow for loans between £50,000 and £5m, Birkett argues, which might be distributed inside 48 hours.
Learn extra: P2P business urges sooner roll-out of Covid-19 loans scheme
The petition calls on the British Enterprise Financial institution to approve extra digital and non-bank lenders.
To date, most accredited lenders of CBILS are banks though Funding Circle was accepted final week.
“CBILS can’t be accessed by many small and progressive firms that don’t meet all the standards,” the petition mentioned.
“It has been reported that a million companies will exit of enterprise in 4 weeks, placing 10m individuals out of labor.
“We’re asking the UK authorities to approve digital lending platforms to allow them to ship assist shortly to small companies and the self-employed.
“The agile nature of the good British fintech means funding could be made accessible shortly and at scale for the thousands and thousands of small British companies tormented by the coronavirus lockdown.”
The petition had obtained nearly 700 signatures this morning (20 April).
Learn extra: P2P lenders hope to satisfy coronavirus enterprise mortgage standards