Santander to provide same-day funding to UK small businesses
Bank has partnered with online lender Kabbage to launch "quick fire" loan service over the next two months
High street bank Santander is to launch a “quick fire” funding service which will enable small and medium-sized businesses to potentially access capital of up to £100,000 online on the same day.
Created in partnership with US online lender Kabbage, the service is set to go live over the next two months and will speed up the usual underwriting process.
The service is said to mark the first time a major British bank has offered small firms “swift” access to working capital, which would typically take between two to 12 weeks.
Head of Santander UK, Nathan Bostock, said of the launch: ‘With small and medium enterprises comprising 99% of the UK private sector, having fast and secure access to funds would ensure they can continue to make an important contribution to the UK economy.
“Our collaboration with Kabbage aims to provide UK businesses with the ability to draw down funds as and when required, whether this be covering a short-term funding need or enabling them to seize growth opportunities as they arise.”