Leading alternative finance provider Boost Capital has launched a new version of their loan decision tool meaning they’re now able to approve a greater number of business loans more quickly.
The tool will now allow them to automatically assess loan applications of up to £35,000, instead of just £25,000.
The increase means more small business owners will get their applications approved in a matter of hours rather than days.
Boost Capital first launched the tool, which uses proprietary technology, in early 2018. It uses data gained from the company’s extensive experience in funding SMEs in the UK, US and Canada.
Commenting on the update, Boost Capital’s managing director Alex Littner said: “We know small business owners have a hundred different things on their minds at any one time. So having to wait for a loan to get approved simply isn’t the best use of their time.”
“When we developed this tool originally , we did it with these business owners in mind. We want to give them the decision they need as quickly as possible so they can get back to growing their businesses.”
Alex added: “Not only are we able to give them a quick decision, we can also get the funds they need to them in just one to two working days.”
The company hopes the update to the tool will help them in their quest to revolutionise the small business lending market.
About Boost Capital
Boost Capital are the champions of small business, providing SMEs in the UK with quick and flexible financing solutions. Their products include unsecured business loans and merchant cash advances. Together with their parent company BFS Capital, they’ve provided more than $2 billion to over 20,000 small business across the UK, US and Canada.