As Capitalise have adapted to meet the demand for small businesses applying for CBILS, we have seen our relationship with them grow. Hear from Sam J about his experiences and how Capitalise have allowed us to better support our clients.
1. Can you explain a bit about what Capitalise do?
Capitalise is an online platform that helps businesses get various types of finance by comparing the different lenders that are available in the market, a ‘GoCompare’ style software specifically for business loans. Through their partnership with over 100 lenders, the platform matches the specific type of finance the company is looking for with the best lenders / prices that are available.
Capitalise guides you through a series of short questions that will form the base of the application. At this point, the Capitalise team will get in touch to discuss the type of finance required, as well as to help round off the finer details of the applications. It is not until this point that the application is sent out to the market: googling finance options on various websites can initiate ‘soft searches’, which may impact the prices offered when genuine offers are made later down the line.
2. How do we work with Capitalise to help our clients?
As accountants to small business, we are in a great position to firstly understand the business itself along with its environment and vision going forwards, enabling us to understand the type of finance the company needs that it also best suited to their situation. As their trusted financial advisor, being part of the financing process gives our clients confidence in their decision making on what can be unchartered territory for many small business.
Our involvement in the financing process can vary from simply introducing our clients to our partners at Capitalise, to taking a more hands on role in advising our client on the different options in front of them.
From a logistical point of view we often hold on our records the majority of the information that is required from lenders, and so being part of the financing process means we can upload the relevant documents and information directly onto the Capitalise platform, avoiding long-winded communication trying to get ahold of the relevant documents.
3. How has our use of Capitalise changed since the pandemic hit the UK?
Busy! Naturally during these times the need for finance has increased exponentially. Capitalise utilised their platform to allow CBILS application to be made through them with several of the high street banks as well as other lenders. Their knowledge of the financing market was extremely helpful not only to ourselves at accountants in understanding the in-and-outs of the loans, but also to clients in ensuring that applications were well-rounded before being submitted, ultimately saving time and ensuring their applications were at the top of banks piles.
4. What sets Capitalise apart from other options on the market?
The combination of user friendly interface starting with the questionnaire style format, along with the expertise knowledge and guidance stand out for me. Capitalise have industry experts who are more than happy to communicate directly with our clients to breakdown elements of the funding world which may impact decision making. This personal touch coupled with the ability to compare lenders on a variety of aspects such as price and term length are pivotal in instilling confidence in ourselves as accountants, and our clients, on major decisions that face a business.