Q2 Cloud Lending has developed a needed solution for the Bounce Back Loan scheme loan application and origination journey.
What is the Bounce Back Loan scheme?
Under the Bounce Back Loan (BBL) scheme, the Government guarantees that the smallest tier of companies in the UK economy will be able to borrow between £2,000 and £50,000 – capped at 25% of a business’s turnover. The loan is 100% guaranteed for accredited bounce back loan lenders, by the Government. Bounce Back Loans should be quicker to access, with a promise from the Chancellor that the money should be delivered to companies 24 hours after application approval. To meet these objectives, accredited lenders need integrated, streamlined, digital application processes in place.
How can Q2 Cloud Lending help?
In less than 7 days we can work with you to set up an efficient loan application portal and onboarding process. Our solution includes:
- A preconfigured portal which gathers applicant information and enables self-certification for the BBL scheme.
- Automated KYC checks and approvals process.
- Required document generation and e-signature.
As a result, you will be able to expedite loan applications efficiently and at speed. You can rest assured that your lending teams will be able to provide emergency aid to the smallest businesses, which make up the backbone of the UK economy.
To find out more, please get in touch today. You can email Snehal Fulzele, SVP and General Manager of Q2 Cloud Lending. Snehal is a co-founder of Cloud Lending, which is now a Q2 company. He would be happy to discuss how we can help you successfully deploy Bounce Back Loan capability in your organisation.