Intelligent SME.tech Issue 16 | Page 9

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Cashplus Bank announces Business Creditbuilder to support £ 5bn of SME lending

Cashplus Bank , a leading SME FinTech , has announced it will launch a UK-first Business Creditbuilder tool , in partnership with Equifax , aimed to increase accessibility to lending for the 65 % of new UK businesses who are refused access to credit . Available as a free add-on to fee-based Cashplus business accounts , the feature will structure the customer ’ s monthly account fees as an interest-free loan .

Over half ( 65 %) of new UK businesses are refused credit and independent research commissioned by Cashplus estimates a £ 6 billion ‘ lending gap ’ between SME credit demand and available credit . The new Business Creditbuilder tool will support these businesses by upgrading Cashplus ’ s pioneering Creditbuilder for consumers , which has been used by over 200,000 people .

Government backs UK entrepreneurs with tech support and software to help them grow

The government ’ s Help to Grow : Digital scheme – designed to support smaller businesses in adopting digital technologies so they can grow – has opened for applications .

Under the scheme , eligible businesses can now receive discounts of up to £ 5,000 off the retail price of approved Digital Accounting and CRM software from leading technology suppliers . This software will help them to effectively manage their finances and build customer relationships , ultimately levelling up the way businesses are run and helping them to scale up .

Businesses can also access practical , specialised support and advice on how to choose the right digital technologies to boost their growth and productivity through a new online platform .

The new Help to Grow : Digital scheme sits alongside the Help to Grow : Management scheme launched in 2021 as part of wider government efforts to back businesses and level up the economy .

Pandemic drives need for technology adoption among SMEs but barriers remain

A survey by the World Economic Forum indicates that COVID-19 has increased demand for more adoption and integration of digital technology among small-and-medium-sized enterprises ( SMEs ). However , they face numerous barriers to adopting technology at a critical time of need .

While 97 % of global companies have accelerated adoption of technology to get through the pandemic , according to Forbes , Forum ’ s survey indicates that only 23 % of SMEs were able to dedicate resources to new digital tools . SMEs are still scrambling to meet mandated health and safety measures , threatening their ability to stay operational .

Jeff Merritt , Head of Urban Transformation for the World Economic Forum , said : “ The COVID-19 pandemic has amplified these challenges , underscoring the need for collective action from the public and private sector across the globe .”