We've had a few enquiries about how the coronavirus outbreak might affect rebuildingsociety.com and what we as a firm are doing, to mitigate any disruption and knock-on effects of the virus.
Business Disruption
As a fintech business with team members located both in our Leeds HQ, around the UK and the world, our team are very used to working remotely, and using technology to stay connected and deliver the best service to our clients.
As such, whilst we expect more of our team to start working from home over the coming weeks, this should cause very little noticeable disruption to the day to day operation of the business. Our team will continue to answer calls and support tickets, and withdrawals and credits to the platform will continue as normal.
Loans and Rates
As community of investors and business owners, it is likely that some of the businesses with loans from rebuildingsociety.com investors might face some short term cash flow issues. We have been in contact with our borrower base to offer assistance where needed and to offer advice where required.
We will continue to closely monitor the performance of all loans and our recovery actions will continue as normal, taking into account the extra ordinary circumstances being faced by the businesses.
Furthermore, we have taken steps to ensure that our credit risk processes have been appropriately adjusted to take into account the difficulties many businesses will face in the short - medium term as a direct result of Covid-19.
We were pleased with much of the support pledged by the Chancellor for small businesses and will be working to also do our part to support support SMEs during this time by cooperating with organisations such as the British Business Bank.
One of our strengths has always been the community ethos and support shown between our lenders and borrowers. We'd like to urge our entire community to continue to support one another so that we might all come through this current health issue stronger.
Keep rebuildingsociety.com in mind when speaking to and supporting your local businesses. We're doubling our referral fee to lenders, where they introduce a business to us that then goes on to successfully raise finance on the platform, lenders can now earn a 1% referral fee.
If you have any questions, please feel free to get in touch with us on support@rebuildingsociety.com or 0113 8150 244.
Yours Sincerely,
Daniel Rajkumar
Managing Director
