European FinTech Ebury will begin offering funding to small businesses.
As reported by Sky News, the company will target those businesses that don’t quality for government emergency loan schemes.
It’s set to announce the availability of £40mn today.
The FinTech is majority owned by Santander and aims to process large volumes of loans digitally.
What does this mean?
The funding will be important for UK SMEs that can’t access funds under the Coronavirus Business Interruption Loan Scheme (CBILS). CBILS has so far given support to around 4,200 businesses, with a recent report stating that only 1.4% of those who have applied for finance have been successful.