TSB has announced a partnership with Funding Options to launch a lending marketplace to support small businesses.
Business Marketplace â€“ which is set to launch in May â€“ is a one-stop-shop for small businesses to compare financing options from a number of lenders in one place.
â€œWhen I speak to small business owners across the UK, I am acutely aware that running a small business leaves little time and energy to find the right business lender and navigate complex business lending procedures,' said Richard Davies, commercial banking director at TSB.
â€œWe want to help small businesses to focus on what they love doing the most, which is running their business.
â€œThat's why we're partnering with Funding Options to launch a straightforward and competitive lending marketplace that helps small businesses to borrow well â€“ with access to a host of lending options that they can compare side-by-side to find the loan that best suits them.
â€œThere is a huge funding gap for small businesses that exists in the UK today and it is stunting the growth of these firms and stopping them from investing to grow.
â€œWe want to create something better for small businesses in the UK and this is just another example of how we are leading the charge.'
The challenger bank is also set to introduce a new digital lending platform, which will offer millions of pounds of funding to small businesses.
Conrad Ford, chief executive at Funding Options (pictured above), added: â€œThe future for banks is to offer not just their own products to customers, but also the best the market has to offer.
â€œThis is especially true in SME finance, where not every small business is right for bank lending, yet a thriving market of alternative lenders stands ready to deliver much-needed funding.
â€œBusiness banking is a sector ripe for fresh thinking, so we're delighted to be working with TSB on its forward-thinking approach to bring new choice and competition, and my team has been deeply impressed with the speed and energy of everyone at TSB.'
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