We're delighted to share that the Fleximize Team funded a record-breaking number of loans in February 2021, and that we're on track to achieve the most successful Q1 in the company's history.
After announcing major updates to our Flexiloan in August 2020, and introducing the brand new Flexiloan Lite, we've seen a record number of businesses turning to us to fund their growth alongside, or instead of, government support.
The very nature of our products means that they can be used concurrently with government initiatives such as CBILS, BBLS and the upcoming Recovery Loans Scheme to provide extra breathing space for business owners looking for a way to weather the pandemic. In addition, the product relaunch included introducing quicker turn-around times and, crucially, lower interest rates. This has led to a rise in customers who are turning to Fleximize's loans as a substitute for government support, with the Flexiloan and Flexiloan Lite proving to be viable alternatives that can be approved and deposited in as little as 24 hours.
Meeting the needs of our customers during the pandemic has also boosted our Trustpilot rating to 4.9/5, with customer A J Smith describing Fleximize's products as much needed help in trying times: "I am the director of a retail business. As many other companies are in the same boat, I would just like to say how helpful and simple the application system was on both occasions. Without support from Fleximize, we would have struggled far more than we are at present."
Although funded loans dipped slightly in 2020 following the coronavirus outbreak, the number of loans deposited by Fleximize to highly affected sectors such as retail, accommodation, and food, were unchanged compared to the previous year. With a very successful January 2021 too, the business is currently on track to announce a record-breaking Q1.
Peter Tuvey, Co-Founder and CEO of Fleximize, said: "We're very pleased that our relaunched loans have been such a success with the UK's business community. Our teams worked tirelessly last year to really listen to our community of business owners and relaunch products that would meet customer needs in practice. Our agility and willingness to shift our processes and products is something which has clearly been well-received by UK SMEs, and we'll continue to do everything we can to support them in the months and years to come."