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Great news for small businesses: new NatWest “3 minute loan”

Posted 3 years ago

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This week NatWest announced that it will be launching a new online lending platform. The “3 minute business loan” will allow small businesses to borrow up to £35,000 in a process that is expected to take around 3 minutes, with money in accounts within 24 hours. This super quick service is thanks to a pre-assessment of over half a million small business customers who can have access to the platform. The Bank has said that it will be rolling the service out this summer.


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Jobmate helps Small and Medium Enterprises (SMEs) manage tasks such as preparing invoices, scheduling meetings and complying with regulations through its application. The company asserts that its app is customisable and enables SME owners to have a work-life balance. It also aims to create a community of professionals that can cooperate, increase their work opportunities, and earn higher profits through the app. Jobmate is targeting 20,000 subscribers in year one and 650,000 by year five. The company will use the investment to take its product to launch through the latest innovative digital marketing, established networks and distribution partners.

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If it sounds a little like competition for the Peer-to-Peer market, well perhaps it is, but that can only be good news for small businesses – more competition means more funding options and the opportunity to pick what best suits your business.

 

The average acceptance of loan applications by peer-to-peer business lending platforms was 22.7% (based on transaction volumes between 2013 and 2015). Awareness of the sector however remains low – just 12% of all the money lent to small UK businesses in 2015 was through alternative finance according to NESTA – which doesn’t mean the sector isn’t lending, it just means many of those who turned to their Banks for a loan and were refused didn’t realise that there are alternatives, of which peer-to-peer is one.

 

businessagent.com can help small businesses access the right peer-to-peer loans for them. In addition to the peer-to-peer platforms, our site offers visibility of the ‘other’ lenders in this space, such as specialist and challenger Banks and specialist Brokers. One application to businessagent.com is seen by over 70 lenders and platforms and the soft footprint credit rating process means there is no detrimental impact by doing so, saving you time and offering your business full visibility of the loan options available to it. https://businessagent.com/loans

Tagged: business loan Natwest 3 minute business loan small businesses peer-to-peer marketplace p2p marketplace p2p loans p2p lending banks bank loan



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