I set out my views and the reasoning behind them in my blog post, but in a nutshell, I made a few key suggestions:
We need to make sure that business lending flows smoothly through banking channels, first and foremost.While the shortage of bank lending has created some exciting new opportunities, the main channel (i.e. banks) urgently needs a helping hand, first. Individual savings, corporate balances, government payment accounts and even pension fund savings flow through the banks.
Business (bank and non-bank) lending needs technological and process updating: the solutions need to be designed to solve pain points on all sides, be accessible by everyone via the web regardless of legacy systems, and not require jumping through hoops to activate. Easy, affordable, and not scary.
Bilbus simplifies the way banks and businesses connect. By making it easier for banks to lend, we also help non-banks lend and most importantly, give business a wider financial choice.
Collaboration and interoperability are the key – while technology to connect business, corporates and banks exists, it is often deployed in competing silos. Hence the number of competing supply chain and invoice networks, P2P lender groups as well as attempts to create invoice marketplaces.
Bilbus is vendor neutral and lender neutral. In plain English, that means we are happy to connect to invoice service providers, accounting platforms, supply chains and a wide range of lending sources. Large banks, small banks, community banks, asset lenders, invoice auctions, as well as P2P lending groups.
We believe that by increasing the number of connections, we can actually increase the benefit to everyone in the network.
Our mission is to unlock commercial lending, giving businesses the visibility to work out when they will need cash and simplifying how they meet funding gaps.
We’ll tell you more about how we increase visibility and make it easier for lenders to lend, and thus, easier for businesses to tap the working capital finance they need.
Bilbus is a working capital platform that enables small businesses to invoice, collect and connect with commercial lenders via a single dashboard.