Online lender Spotcap and national aggregator eChoice have simultaneously released two digital tools to assist clients and brokers with small business lending.
Spotcap’s offering is an online portal to help explain and bring further awareness to the different non-bank lending options available for small and medium sized businesses (SMEs).
The portal is available in the form of an interactive microsite containing information on the different finance sources available. It was created in response to a recent market survey by Pureprofile which found over half of the approximately 1,000 respondents were unaware of the different non-bank lending choices available.
The tool was developed in conjunction with a number of other fintech lenders and will help clarify how the different options can act as an alternative to more traditional instruments such as the banks.