16 May Loan Street provides fast funding opportunity for SMEs
Amsterdam-based fintech company Sparkholder announced the launch of a new funding platform for small and medium-sized enterprises, called Loan Street, in cooperation with Rabobank and business software provider Exact.
Loan Street is an online platform that allows SMEs to gauge within minutes whether their funding requirements would be accepted by potential lenders or not. This is a beneficial tool for entrepreneurs looking for funding, as obtaining financing is typically a costly and intensive process for SMEs. It takes SMEs an average of forty hours to collate all necessary financial information and to submit funding requests, while the outcome of the entire exercise remains uncertain. Loan Street facilitates this process by using fast algorithmic financial data analysis and calculating an indication of the feasibility of receiving financing for the proposed business purpose. This provides swift clarity on the company’s potential funding capability and enables SMEs to spend less time on the entire process.
Furthermore, Loan Street allows SMEs to send their funding applications to an array of eighteen potential funding providers. These range from Rabobank to four of the largest Dutch crowdfunding platforms and several other potential investors. Thus enabling SMEs easy access to a large part of the Dutch financial landscape, without having to deal with the burdensome paperwork and lengthy application processes that SMEs have previously encountered.
The service Loan Street provides is an integral part of SME real-time data provider Sparkholder’s larger vision, which is to make financing for SMEs just as easy and accessible as it is for large multinational corporations, through the use of innovative technologies.
