Business insights platform DueDil has launched an online tool to help lenders speed up applications for coronavirus-linked financial support.
It has launched Eligibility+ Endpoint, which uses an application programming interface (API) to access and assess information such as public notices, the company status and sector as well as account and turnover figures.
The idea is for lenders to use the tool when assessing applications for coronavirus business interruption loans (CBILS) and understand the context behind a business faster.
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“We are pleased to be able to offer a solution to assist lenders in disbursing the vast amount of finance from CBILS in a short space of time, and to help small businesses access funding quickly,” Justin Fitzpatrick, chief executive of DueDil, said.
“A lot of small- and medium-sized enterprises cannot afford to wait at this critical time, and the Eligibility+ Endpoint we have built will enable the fast decisions many small businesses need during this crisis.”
It comes amid concerns that banks have been slow to approve loans under CBILS.
Figures from trade body UK Finance last week revealed that fewer than half of applications have been approved so far.
There have also been calls to allow more fintech firms to be approved to facilitate more lending.