Move triggered by Coronavirus outbreak
Due to the Coronavirus outbreak, Spotcap has stopped assessing new loan applications in the UK for the time being.
Since the UK launch in November 2016, Spotcap has provided more than £120 million in loans to over a thousand British businesses. Despite healthy operations and a stable loan book, the decision has been made in light of the significant uncertainty brought by the Coronavirus outbreak and the associated economic outlook in the short term.
Businesses that currently have a loan with Spotcap won’t be affected by this decision and are still able to log into their Client Dashboard as usual. Spotcap’s partners will be unable to submit new loan applications on behalf of their clients during this period.
Given the unpredictability around COVID-19, Spotcap decided to put new loan applications on hold for the time being. The team will continue to service current clients and is always happy to speak to partners to answer any questions they might have.
Spotcap is aware that this is a very challenging time for businesses and hasn’t taken this decision lightly. The company is keen to support UK businesses with unsecured finance again once everyone has a clearer picture of what lies ahead.
Originally published March 26 2020 , updated March 26 2020