To help small- to medium-sized businesses (SMBs) in the U.K. struggling because of the coronavirus pandemic, CRIF Realtime is rolling out a new array of products called COVID-19 Credit Passport, according to a press release.
CRIF Realtime, which specializes in credit risk for businesses, said the new offering would use open banking technology and help businesses better see where they stand financially. The information for businesses will be comprehensive, taking into account financial quality before, during and after the pandemic.
Among the technologies available will be a pre-crisis funding report, which sets a date of Feb. 1, 2020, before the pandemic had a wide-spread impact, showing what a business’s status was back then.
It will show a COVID-19 Liquidity Calculator, which will provide a few realistic scenarios for how the business can weather the pandemic and remain on solid ground.
It will also have a funding application portal, offering to save time for businesses by identifying cost saving measures and available funding options, including relevant government financial aid available. This includes the U.K.’s Coronavirus Business Interruption Loan Scheme (CBILS) plan for financial relief.
Additionally, the company offers a COVID-19 Resource Centre, in which it provides accurate, up-to-date information, interviews, data and guidance on the crisis, including how to prepare for a recovery in ways specifically relevant to SMBs.
The COVID-19 Credit Passport is available to any business that needs it, the release stated.
CRIF Realtime Chief Product Officer Glen Keller said the company’s mission had always been to help companies access funding and become resilient, and especially during the pandemic, that seemed like an important goal. He said helping SMBs would lead to an overall healthier economy on the other side of the pandemic.
The coronavirus has left many SMBs without a life raft, and many are at risk of closing down entirely due to the lost funds as people stay home.
As the economy lags, governments are pouring money into as many sectors as they can to keep everyone afloat. The U.K. recently allotted 1.25 billion pounds ($1.6 billion) for tech startups, and has been using CBILS to distribute loans to those affected.