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Boost Capital NewsPress Releases

New Loan Decision Tool Gives Small Businesses A Decision Within A Few Hours

By January 1, 2018 No Comments

Press Release:

New Loan Decision Tool Gives Small Businesses A Decision Within A Few Hours

Date: January 2018.

A new loan decision tool has been built and launched by Boost Capital, a leading small business financing platform, to bring decisions to applicants within a few hours of requesting finance.

Alex Littner, Managing Director of Boost Capital, commented, “We are focused on delivering a quality service to small businesses, a key element of which is providing them with rapid decisions and quick access to finance. Our new decision tool does exactly that. Decisions and offers for finance are being made within a matter of hours after application, and financing is being provided to the business within one or two days.”

The proprietary technology behind the decision tool has taken learnings from the extensive experience in both the Company’s UK and US loan books, and incorporates best in class algorithms to provide fast and accurate credit risk analysis.

All applicants looking for borrowings of less than £25,000 benefit from the new assessment model, which removes the need for ‘human-touch underwriting’ and as a result delivers a prompt and consistent decision.

As regulators give more and more attention in ensuring lenders fully analyse whether small business borrowers can properly afford a proposed borrowing, using an automated platform, with a built in affordability calculator, is in the interests of both the business and the lender.

By using an innovative mix of technology, data and design Boost Capital feel they are best placed to revolutionise the small business lending market.

“As a responsible lender, we will only lend to a small business if we are satisfied that the loan repayments can be made without overstretching the business’s cash flow. Our job is to ensure that the finance provided is affordable to the business owner, at the same time as supporting them with the finance they need to grow. The new decision tool is designed to do this quickly and accurately,” says Alex Littner.

The company plans to continue its investment in its products as well as its technology in 2018, using the foundational data derived from originating £1.2 billion in financings across the UK, US and Canada, to deliver consistent predictability, higher approvals and expedited funding.

Alex added: “Our business has experienced great momentum over the last year and we’re setting a course for continued growth. We’re primed to execute on our priorities, including upgrading the customer experience, investing in our product offerings and leveraging our data science to drive insights for our customers and partners.”

About Boost Capital

Boost Capital champions the growth and prosperity of small businesses by providing timely, flexible financing solutions. Boost Capital’s leading small business financing platform leverages customised underwriting and proprietary algorithms to fund businesses in the UK, and through its parent company, BFS Capital, in the United States and Canada. Boost Capital in the UK, US and Canada has provided more than £1.2 billion in total financing to more than 20,000 small businesses across more than 400 industries.

For more information please visit www.BoostCapital.co.uk (U.K.) and www.BFSCapital.com (U.S., Canada)

 

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