Additional written evidence submitted by Rangewell Business Finance
Rangewell are business finance specialists who work with UK SMEs and their advisors to help them find, compare and apply for business finance.
The breadth and depth of Rangewell’s regional, market and sector knowledge give them a unique, real-time insight into the UK SME Business Lending Landscape.
● In 2019, Rangewell transacted with 87 different Business Lenders in the UK.
● Since lockdown (March 23rd), Rangwell has received offers or closed transactions with 33 different lenders.
● Rangewell have supported over 450 Coronavirus Business Interruption Loan (CBIL) Applications and Bounce Back Loan Applications.
Out of 1900 NACFB members, Rangewell are one of the six finalists in the 2020 NACFB Broker Innovation Awards due to their unique combination of machine learning technology, data mapping and human expertise.
Immediate improvements in the clarity and transparency of the Coronavirus Business Interruption Loan Schemes to offer better financial support to UK businesses.
As highlighted in Rangewell’s main submission to the Committee, we believe the Government and the CBIL Lenders are providing significant and effective support to borrowers who are able to access the CBIL Scheme.
However, there is currently no way to independently monitor the success, or otherwise, of the Coronavirus Business Interruption Loan Schemes on a Regional or Business Sector Basis.
Rangewell believes there should be real-time detailed, weekly reporting on such figures which would allow Government Departments, Banks, Trade Associations, Local Authorities and others to monitor which business sectors and regions may need more bespoke support.
This information is already being collected and there are precedents for such information to be provided - UK Finance already publishes SME lending figures and trends on a postcode by postcode basis quarterly, as part of their commitment to being transparent about the geographical spread of lending across the UK.
Rangewell suggests the Treasury publish weekly Open Data statistics for each approved lender:
● The number and monetary value of applications the lender has received
● The number and monetary value of applications the lender has credit-approved
● The number and monetary value of applications the lender has paid out on
● Provide standardised reasoning/wording across lenders as to the reasons applications are being rejected.
Furthermore, to identify regions and sectors that need additional support, The Treasury should publish loan-by-loan, anonymised data (redacted in cases where volumes are low to preserve customer confidentiality) for the following:
● The SIC Sector Code of each successful and rejected application
● The postcode of each successful and rejected application.
Releasing such information in an Open Data format will significantly improve the scrutiny and transparency of the Schemes and highlight, in real-time, the business sectors and regions that are failing to get the support required by the Schemes - allowing other, more suitable support to be developed and provided in a timely manner.