Crowdz has joined a group of industry experts and fintech leaders such as Trade Ledger, Wiserfunding, Nimbla, NorthRow and SME Capital to form a funding taskforce to help SMEs during the coronavirus (COVID-19) crisis.
The pandemic has left many SMEs in need of credit to manage their ongoing costs. Coronavirus has shutdown business activity, but the bills are still piling up for many SMBs who need cash on hand during these difficult times. The fintech task force will address the gap in government-backed funding, which otherwise will not reach all SMEs that need it.
“In light of our current economic challenges,” says Steve Boderck, Crowdz VP of Global Business Development & Sales, “we are looking at opportunities to support relief funding programs. Our goal is to help SMEs access working capital. We are excited to participate in this task force and assist SMEs who are not yet able to access government funding.”
The taskforce will provide a business lending engine to allow banks, alternative lenders and private investors to deploy funds. The platform can support any type of term loan, finance of invoices, inventory, and assets, and can handle new loan applications in as little as four minutes.
“Crowdz has developed an invoice auction marketplace that enables SMBs to sell their invoices and get access to cash quickly. This cash can greatly impact their ability to make it through this unprecedented time,” explains Boderck.
Source: task force press release