Only eight years after the company was launched, Capital on Tap has reached a new milestone £2bn lent to over 120,000 small businesses and the self-employed across the UK. The news comes only a year after the company announced their first £1bn lent to UK SMEs.
In times of economic uncertainty, it’s vital companies and, in particular, small and micro-businesses can assess support as and when needed. Since their launch, Capital on Tap has played an important role in making this process easier and faster for SMEs. Doubling the total amount of funds lent in just over a year proves that businesses now, more than ever, need access to funds.
Along with optimising their already fast lending process, the company has taken a number of other measures to support SMEs through this unprecedented time.
These include offering customers more flexibility with monthly repayments, raising awareness of how to access government support, joining other fintech companies in developing solutions designed to support the self-employed like Covid Credit or Save My Local as well as hiring additional members of customer service team so customers queries can be addressed as quickly as possible. Alongside this, earlier this year, Capital on Tap became an accredited lender under the government’s CBIL scheme, allowing businesses to access much-needed funds and government support.
David Luck, CEO at Capital on Tap said, “We started Capital on Tap in 2012, with a mission of making it faster and easier for small and medium enterprises to obtain working capital. Since lending money to our first customer back in 2013, I never thought we would have lent over £2bn to more than 120,000 small businesses in just eight years.
I am extremely grateful that we have been able to continue supporting UK SMEs. The ongoing uncertainty has proved to be a difficult time for many, especially small business owners who are facing disruptions in their income and we want to do everything we can to help them through this. We have had several customers who have been able to support the NHS thanks to the funding they have received from us and seeing this has been extremely rewarding for us.”