Pool D of the joint UK government and European Commission venture, Banking Competition Remedies Limited, left alternative lender Funding Options with a cool GBP 5 million. The funds were dispersed to help SMEs in the UK, particularly those in underserved communities, to give them better and expanded funding options.
The purpose of the Capability and Innovation Fund is to improve and develop financial products and services available for the UK’s SMEs. Five grants of GBP each were distributed in Pool D of the fund, which also saw Form3 take home funding. The pool’s funds were earmarked for companies that facilitate commercialisation of fintech relevant to SMEs.
Funding Options will use the capital as a part of its efforts to place GBP 0.5 billion into UK SMEs by the close of 2022.
The alternative lending marketplace’s CEO and founder, Conrad Ford, says that the UK’s SMEs form the backbone of the UK’s economy and that:
“Winning this grant from the Capability and Innovation Fund helps us accelerate our plans to help SMEs across the country achieve their goals. It will help us develop much needed technology solutions to support small businesses in local communities to access funding, and it will also enable us to continue to grow the alternative lending market.”
The UK has 5 million SMEs.