LONDON, April 24, 2020 /PRNewswire/ -- DueDil has launched an online service so lenders can assess business viability for financial support during the COVID-19 pandemic.
The CBILS Eligibility+ Endpoint assesses business viability for coronavirus business support measures including the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
The Eligibility+ Endpoint was built to support lenders in deploying the Chancellor's coronavirus package at the pace needed. To date, 16,600 loan applications have been approved and it has emerged that 50% of the loans approved were granted by a single entity - the government-backed Royal Bank of Scotland. DueDil's Eligibility+ Endpoint aims to speed up decision-making for more lenders.
To facilitate the Eligibility+ Endpoint, DueDil's technology team have developed a specific API endpoint which builds upon their existing powerful API capabilities, designed to tell the story behind every business. Released today, the Eligibility+ Endpoint will return a pass or fail result against a company number and highlights warnings such as gazette notices and overdue accounts/confirmation statements, status of the company, industry SIC code and reported turnover. Having access to this information will enable lenders to understand the context behind the business and assess its suitability for a government-backed loan. The endpoint will not only provide a quick decision, but it will also help lenders understand why this decision was made and what they might need to enquire about as follow up.
The Eligibility+ Endpoint can be embedded into the lender's existing workflow in a matter of hours to enhance their operating model and enable faster decisions for small and medium sized enterprises (SMEs). As part of future development, a visual flag will also be added to DueDil's web app so lenders can manually check eligibility.
Justin Fitzpatrick, CEO of DueDil, said:
"We are pleased to be able to offer a solution to assist lenders in disbursing the vast amount of finance from CBILS and CLBILS in a short space of time, and to help small businesses access funding quickly. A lot of SMEs cannot afford to wait at this critical time, and the CBILS Eligibility+ Endpoint we have built will enable the fast decisions many small businesses need during this crisis."
This follows the launch of DueDil's COVID-19 Impact Barometer in mid-April, which provides real-time updates on how COVID-19 is impacting SMEs. The Barometer is powered by insights from DueDil's Business Information Graph which uses proprietary matching technology to link billions of company data points from authoritative sources, providing unique insights on over 40 million companies. This technology has been leveraged to monitor key indicators of how the SME economy is changing in the face of the COVID-19 crisis. Visitors can subscribe to receive weekly alerts from the Barometer.
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