Summary
Small and medium-sized enterprises have been severely hit by the COVID-19 pandemic. Millions of European businesses will go under if they can’t access emergency funds faster. Amid fears that the pandemic could trigger a severe credit crunch and global recession, governments across Europe have rolled out emergency financial support schemes to help SMEs stay afloat.
Hampered by their legacy systems, lenders are struggling to process applications, conduct credit risk assessments, and disburse funds at speed.
A handful of UK-based startups are partnering within broader fintech ecosystems to develop solutions that address the needs of SMEs hit by the coronavirus crisis.
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