At Capital on Tap, our strategy is to remain focused on providing working capital facilities to micro and small businesses across the UK. SMEs remain an underserved segment of the market which many financial institutions are unable to serve. The outbreak of COVID-19 has created an uncertain economic climate necessitating additional support for these businesses – support that needs to be fast and simple in these times of need.
True to our mission, we are doing everything we can to help provide this additional support. We are now working with the British Business Bank to become an accredited lender for their recently announced Business Interruption Loan Scheme. The aim of the new scheme is to ensure small businesses can continue to operate given the uncertain climate we are entering.
We believe we are in a great position to help businesses operate in this uncertain climate. As a lender focused on micro businesses, we are committed to providing quick and easy access to funding. We provide over 90% of our new applicants’ access to funding in less than an hour, compared to the days or weeks that are typical of other financial institutions. Moreover, we have demonstrated our ability to serve SMEs, having lent £1.5bn to over 100,000 customers – most of which are businesses with less than £300k in turnover. With such a proven track record, we welcome the opportunity to continue to help small businesses under the British Business Bank’s new loan scheme.
David Luck, CEO