Spotcap pauses assessment of new loan applications in the UK
Due to the coronavirus outbreak, business lender Spotcap has today announced that it has stopped assessing new loan applications in the UK for the time being. Businesses that currently have a loan with Spotcap won’t be affected by this decision, while Spotcap’s partners will be unable to submit new loan applications on behalf of their clients during this period.
Since it’s UK launch in November 2016, Spotcap has provided more than £120m in loans to over a thousand British businesses. Despite healthy operations and a stable loan book, the decision has been made in light of the significant uncertainty brought about the coronavirus outbreak and the associated economic outlook in the short term.
Niels Turfboer, managing director of Spotcap, says: “Given the unpredictability around Covid-19, we agreed to put new loan applications on hold for the time being. The team will continue to service our current clients and is always happy to speak to our partners to answer any questions they might have.”
Turfboer continues: “We are aware that this is a very challenging time for businesses and haven’t taken this decision lightly. We are keen to support UK businesses with unsecured finance again once we all have a clearer picture of what lies ahead.”
