UK FinTech Funding Options has seen £1bn worth of loan applications in March.
The company saw applications from 10,000 businesses last month.
This was partly driven by a 100% increase in the number of Bank Referral Scheme overflows.
Funding Options says thousands are being rejected by the government’s Coronavirus Business Interruption Loan Scheme.
What does this mean?
This is an uncertain time for businesses, especially SMEs with limited cash flow. Data shows businesses are worried but lenders are also more risk averse. Funding Options is calling on the government to involve more alternative lenders to support UK business.