When first launching FSB Funding Platform back in 2018, the aim was to help businesses thrive through better access to finance. And with on average 6.4 funding providers per request 1 connected, the intelligent matching technology is certainly delivering choice to members.
But business finance is not just about going online and comparing quotes. It is also about business confidence: according to FSB’s most recent Small Business Index (SBI) data 2 ,
17.5% per cent of small business owners say credit availability is very poor. This marks a 4.4 percentage point increase since the final quarter of 2018. And just 28.5 per cent feel credit is readily available.
These perceptions by small firms are heavily influenced through their dealings with traditional banks (usually the bank they use in a personal capacity) when attempting to secure a loan. With this in mind, the objective for this year was to improve FSB Funding Platform based on market trends and member feedback.
In the following paragraphs, we are delighted to share the new services and benefits that are available with immediate effect:
Getting ‘In Principle’ funding decisions in minutes
While large banks remain the dominant force in the small business finance market, it is now possible to search for suitable finance without credit checks and without the need for an appointment at a local bank branch.
FSB Funding Platform now offers a fast track to funding with our new Eligibility Check. Simply request a call back or call 0330 097 2359 to speak with one of our finance experts.
No more guessing what information you need to provide
With plenty of new options for small businesses and self-employed to explore, searching for suitable funding is getting increasingly complex. But don’t despair; whether its challenger banks, peer-to-peer finance providers or one of the more established institutions, our technology platform removes the guesswork as to what information you need in order to apply for funding.
The updated platform now lets you choose different ways to securely share your data with lenders. To make it easier than ever, you can now give permission for our platform to simply take the necessary data from your accounting software or your business bank account. This not only removes the guesswork as to what you need, but it also helps you to better control who can access and view your data. You can click here to read more about our technology and its compatibility with the UK’s “Open Banking” standard.
Recover part of your investment in Research and Development (R&D)
Last but not least, FSB Funding Platform can now help small business owners to access advice and support in claiming R&D tax relief from HMRC 3 . This scheme is designed to help businesses that do invest in research and development and forms part of the government’s support for innovation.
Contrary to the belief of some business owners, the scheme is not just for software companies. Corporation Tax relief can be claimed by a wide range of companies that seek to research or develop an advance in their field, and even if the project did not succeed. Examples that can be considered for R&D tax relief include specific projects which make an advance in science or technology and where there is a clear connection to your company’s trade – either an existing one, or one that you intend to start up based on the results of the R&D.
If you have plans to invest or would like to discuss a project that is already underway, FSB Members can now access a free initial consultation with qualified and experienced R&D Tax Credits experts. It is quick and easy to arrange and services operate on a no win no fee basis.
Get in touch with us 24/7 for more information on 0330 097 2359 or request a call back
About FSB Funding Platform
FSB Funding Platform is delivered in association with Finpoint. The FSB has appointed Finpoint to make it easier for members to consider different funding options and to find the right funding without pressure.
We operate a whole of market service so we can connect you with the most relevant finance provider from the UK’s largest panel of options. And if the time isn’t right, we won’t push you into taking the step into finance when you are not ready.
We’re 100% independent and we protect your data with our unique online platform. Our only interest is in making sure you get the right funding for your business need.
1 6.4 connected funding providers per funding request, Jan to Dec 2018
2 FSB Small Business Index, Q1 2019: www.fsb.org.uk/docs/default-source/fsb-org-uk/fsb-sbi-q1-2019-final.pdf
3 Official UK Government website: www.gov.uk/guidance/corporation-tax-research-and-development-rd-relief