Quotevine aiding COVID-19 recovery finance
Quotevine is today announcing the launch of its new Quickstart asset finance broker package, developed in direct response to the COVID-19 financing crisis facing UK SMEs (small and medium-sized enterprises).
The pioneering new service is designed to help smaller lenders distribute much-needed loans to organisations battling on despite the pandemic.
Since the UK Government first announced its Coronavirus Business Interruption Loan Scheme (CBILS) and then its simplified Bounce Back Loan Scheme (BBLS) – created to inject life-saving finance into struggling companies to see them through the economic effects of the coronavirus – the initiatives have been fraught with controversy. Banks, encumbered by legacy systems, coupled with the unprecedented volume of applications and challenging timescales, have still not been able to service every would-be business borrower, more than two months after CBILS was first announced.
Observing these developments, Quotevine believes asset finance companies are ideally placed to fill this gap in provision, which is life-threatening for many smaller companies.
Highly experienced in providing software-as-a-service (SaaS) solutions to asset, motor and consumer finance companies, Quotevine is well-placed to step in and help them respond to the current crisis situation.
Jeremy Wright, Sales and Client Success Manager for Quotevine, explained more: “This new Quickstart Package was borne out of our desire to help fuel the British economy at this historically challenging time.
“While we very much understand the pressures they’ve faced amidst COVID-19, banks aren’t adequately equipped to deal with such a large volume of applications in such a short period of time, and they are up against an unprecedented situation of the utmost urgency. It is vital that fast, efficient access to loans is made available to all at this time.
"The asset finance firms and brokers we serve are, by contrast, ideally placed to step in and help clear the backlog and get vital funds out to SMEs without delay. They are smaller and more nimble, with a propensity towards problem-solving and a good understanding of the needs of businesses.
“However, in order to seize what we believe is a historic opportunity, they need the right and most innovative tools, to enable them to work quickly and efficiently while managing risk.“That’s why – having stepped back and asked ourselves ‘how can we help?’, at Quotevine we’ve developed this affordable and easy-to-implement, complete package containing all the tools they need to be able to manage large volumes of applications while continuing to provide a seamless, tailored service to their customers.”
He added: “Many of the alternative lenders we work with have expressed a strong desire to provide the support businesses urgently need at this time.
“There is no doubt that our world is changing and a large part of this is a shift in the way people work. Those that innovate now and ready their businesses for the future will become more successful, as they anticipate and subsequently thrive in a dynamic and developing world.
“With our Quickstart package, everything can be centrally stored and managed in one place, allowing a finance broker’s entire team to remain in-sync wherever they are, with instantaneous, anytime, anywhere access.”
Pulling together Quotevine’s extensive capabilities in one, easy-to-integrate and use, bespoke solution, the Quickstart package includes:
- Core licenses (including quotation, CRM, invoice management, renewal optimisation, document library, reporting and multiple brands)
- Online proposals (a seamless credit proposal process for customers and staff which collects valuable credit proposal information using a secure, customer-specific link)
- E-Signature capability
- Quotation documents (the ability to create own-branded PDF quotations directly from the system)
- Pricing and payment calculation using a quick and easy calculation engine.
Quotevine is excited by new technology and believes in finding ways to use it that catalyse positive change for its clients and the industry. Innovative and forward-thinking, it is always seeking to discover new ways to make things better. Its team are curious and entrepreneurial, and not afraid to be first. They believe that with the right tech, in the right hands, magical things can happen.
The company also recognises the extraordinary pace of modern life and the need for funding providers to adapt and respond quickly. With ever-changing demands, Quotevine deploys technology to help the industry better serve its customers - and there is no more pressing issue, right now, than to act as a conduit for the money they need to get back in business. Quotevine serves around 50 clients spanning the asset, automotive and consumer finance industries, across the broker, lending and leasing segments. Its clients include Toyota Financial Services, 1pm PLC and MotoNovo Finance and it has renewed its focus on helping them to respond at this crucial time.