Q2 Holdings, a leading provider of digital transformation solutions for banking and lending, announced that GetCapital adapted its suite of working capital products in just two weeks to accelerate application acceptance and funding to small and medium enterprises under the Australian Coronavirus Small and Medium Enterprises (SME) Guarantee Scheme. This solution is provided via Q2 Cloud Lending, Q2’s integrated, cloud-based lending platform.
Read More: Invoia Re-Brands, Focuses on Small Businesses With Recurring Revenue
GetCapital, a Q2 customer since 2015, is one of Australia’s leading non-bank business lenders and was one of the first to offer loans under the SME Guarantee scheme. Due to the urgency of getting financial support into the hands of SMEs, the Q2 Cloud Lending solution is focused on streamlining and digitising the loan process and can be set up and running within a week. The solution is designed to meet the expectations of the mobile-first borrower and is built natively on the Force.com platform, providing best-in-class flexibility, speed to market and scale.
‘We are thankful the Treasury operationalised the Scheme very quickly’, said Jamie Osborn, CEO of GetCapital. ‘A key challenge for businesses is getting access to finance to help with the liquidity they need to see them through to the other side of this crisis.’
Read More: Finhabits Launches Microlearning Journeys to Help Diverse Communities Build Healthy Financial Habits
The Coronavirus SME Guarantee Scheme will support up to $40 billion of lending and guarantee 50 per cent of new loans issued by eligible lenders to SMEs. The initiative will enhance lenders’ willingness and ability to provide credit, supporting many otherwise viable SMEs to access vital additional funding to get through the impact of Coronavirus. The Scheme will be available for new loans made by participating lenders until 30 September 2020.
‘SMEs have been some of the hardest hit in this crisis, and using technology to help deliver aid and reduce their pain during this moment is critical. We are committed to working with organisations like GetCapital to help them serve those who need them most right now’, said Chris Boas, managing director of Q2 Cloud Lending in Australia.
Read More: Jack Henry & Associates Launches Core-Integrated Accounts Receivable Financing
