FundOnion has officially launched its AI-backed business finance comparison site for small business loans.
The FundOnion comparison site allows businesses to quickly compare the cost of business loans from over 20 providers and secure funding in a faster and more transparent way.
A recent report by the Bank of England has estimated that one in four small businesses that apply to banks for loans are rejected, leading to an estimated £22 billion funding gap in the UK. Combined with an application process that is time consuming and opaque, alongside a return to higher interest rates, there is a clear need for businesses to have clarity of the funding options available to them.
Founded in 2020, FundOnion is tackling both challenges in finding funding and securing fair rates for business loans. The comparison site uses AI to estimate a firm’s borrowing capabilities and the best rates, before being referred to an SME finance expert within the team to finalise details for the funding.