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The UK-based small- and medium-sized business (SMB) lending marketplace has partnered with Enterprise Nation, which facilitates SMB support with online learning tools and business advisors, to apply for funding from the government-led Banking Competition Remedies (BCR) scheme, per AltFi.
The BCR aims to distribute the Royal Bank of Scotland’s £775 million ($995.5 billion) grant in separate rounds known as pools, a condition from its 2008 state bailout, to promote innovation in business banking. The partnership is bidding for Pool E, which consists of £100 million ($122.8 million).
If accepted into the scheme, Enterprise Nation will use the funds to integrate Funding Xchange’s platform into a new online finance portal, providing SMBs with access to its learning tools and network of over 10,000 business advisors, in addition to financing options from challenger banks and alternate lenders.
The BCR has had mixed success so far, with some banks failing to use the funds …read more
Source:: Businessinsider – Finance