As SME lending review launched, new tech could unlock £5 billion in credit annually by halving declined applications 

Many viable SMEs are being declined for finance not because they lack potential, but because of avoidable issues in their financial profiles that they often don’t know exist. Research from FXE Technologies, conducted as part of a coalition led by the Centre for Finance, Innovation & Technology (CFIT), found that around 65% of declined businesses had readily fixable issues that could have improved their chances of approval – equating to an estimated £5 billion in untapped lending each year. By giving businesses greater visibility of how lenders assess applications and providing clear, personalised guidance to improve their financial health, digital fundability tools such as the Funding Health Checker can help more SMEs become finance-ready, increase approval rates and unlock growth.

Read the full article here.