AN INNOVATIVE new partnership to bring SMEs together with the finance they need to grow is being launched in Leeds City Region today.
Finpoint will connect companies with a network of more than 70 traditional and alternative funders using a simple one-stop application process.
The formula was pioneered in Germany, where it has proved highly successful over the past five years.
Working in partnership with the Leeds City Region Enterprise Partnership (LEP) and professional services firm PwC, the Finpoint funding platform is offering a new route for SMEs to find the finance they need.
Finpoint allows businesses to prepare one, anonymous, funding application that can be shared with over 70 lenders, including banks, specialist finance houses and alternative finance providers, at no direct cost to the business.
SMEs are notified of lender interest and then choose the funders they wish to negotiate with, giving the companies more control over the sources of finance they opt for.
The platform was established in Germany in 2010.
The LEP believes that Finpoint could provide a breakthrough for SMEs needing to source funding, and make it easier for companies to access alternative lending such as crowdfunding.
In February this year, the LEP released the results of a major survey of businesses in the city region. One of its key findings was that the main barrier to growth identified by companies was access to finance.
Finpoint chief executive Rainer Plentl said: “Finpoint is a proven platform which we have adapted to the specific needs of UK SMEs seeking funding.”
Further details about the Finpoint platform can be found at www.the-lep.com/finpoint