Funding Xchange partners Experian for launching borrower eligibility portal

Wednesday 22 April 2020 13:53 CET | News

UK-based Funding Xchange and Experian have launched an online portal for businesses to check eligibility for different types of finance during the COVID-19 pandemic.

The service instantly assesses funding applications from businesses and informs them of which loans they meet the lending criteria. It covers both the government-backed coronavirus business interruption loan scheme (CBILS) and other types of loans.

Once a business has chosen a loan, the service digitally completes the application process for them. Businesses can use the service to find out if they are eligible for funding from their own bank, or more than 40 other lenders who are offering finance.

Business finance aggregator Funding Xchange and credit reference agency Experian say that the new service will speed up the decision-making process for loan applications by reducing and managing the operational challenges that banks and lenders are facing.

The new portal uses Experian’s data gathering tool Commercial Acumen to help businesses gather and submit transactional data, while Funding Xchange’s marketplace capability assesses eligibility for available solutions and surfaces indicative offers.

More: Link

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Keywords: Funding Exchange, Experian , UK, COVID-19, loans, bank, coronavirus, CBILS, Commercial Acumen
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: United Kingdom
This article is part of category

Banking & Fintech