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Unblocking SME Lending

Unlocking business lending for UK SMEs via Finpoint’s unique online matchmaking platform

 By Nigel Maine, European Head of Marketing, Finpoint (UK)

Lending to small to medium sized enterprises (SMEs) has declined by £7.8bn over the last 18 months, denying many small firms across Kent the cash they need to finance growth and exports. But there are alternative channels to the traditional trudge around the high streets of Maidstone, Tonbridge, Chatham and Ramsgate, as Nigel Maine, European Head of Marketing for Finpoint, explains in this article for The Business Bunker.

You can now unlock funding by applying for finance from banks and other financial institutions by using Finpoint’s unique online financial matchmaking service. Our straightforward, user-friendly and secure web platform connects your business with lenders looking to do business specifically with enterprises like yours.

Many small firms are unaware of other forms of financing from banks and financial institutions. So, as well as using Finpoint to apply for loans and overdrafts, you may be able to generate much-needed growth capital through invoice finance (factoring) and asset finance.

The way it works is simple. Register for a free account and then you, or your accountant, securely upload information about your business that lenders will require. This includes financial data and details of what your business does. You also need to tell us how much finance you require and what you need the money for.

This might sound familiar, in light of your previous experiences of filling out endless bank loan application forms, but with Finpoint you only have to do it once. You can securely share your account access with your professional advisers and fellow directors and colleagues, enabling those most knowledgeable about your business to complete various parts of the application.

Once your profile is complete, you pay a one-off fee of £499 plus VAT to publish your application, plus we charge a commission of between 0.75% and 2% (dependent on maturity of financing) on the amount of successful loan applications. Our fees are transparent, so if we receive a commission from lenders, your commission is correspondingly reduced.

What happens next is the exciting bit. Firstly, your application is anonymous. This means potential funders can see all the information about your business, including your accounts, but your need is not visible to all lenders on the platform. Next, your application is drawn to the attention of all lenders on the Finpoint platform whose lending criteria it satisfies.

Most of our lenders work nationally, so you won’t be forced to deal with a local branch or business centre, which may not have any staff familiar with your business type. So, if you are a car dealership seeking an overdraft your application won’t be put in front of an asset finance provider that likes to deal with telecoms firms.

It won’t matter whether you are based in Bromley, Sandwich or Lydd. All of our registered lenders set their own filters so your application will only reach the inboxes of potential funders actively seeking your business. Because your one-off fee lasts 12 months, you can make multiple applications during the period.

We know Finpoint works for SMEs like yours. Following its launch in Germany in 2010, Finpoint has intermediated loans to companies totalling €155 million. The Finpoint German service has 155 lenders on board and over 2,000 registered SME users.

Finpoint delivers an entirely new, pain-free way for businesses to engage with lenders. We invite you to download Finpoint’s free white paper: ‘How business finance was just commoditised’ available here: