Advanced Merchant Payments Ltd., a leading provider of advanced technology for small business lending, today announces its market expansion into the United Kingdom as AMP Credit Technologies (AMP).
AMP's solution provides banks and business service providers an efficient outsourced platform by which to issue equitable and transparent loans to their small business customers.
Small businesses are critical to the UK economy, yet they currently have challenges accessing formal bank financing without collateral. According to the UK government statistics*, 5.2 million SMEs in the UK accounted for over 99% of all businesses in 2014, representing 60% of employment and 47% of turnover in the UK economy. As part of the forthcoming Small Business, Enterprise and Employment (SBEE) Bill, the government has committed to introducing legislation which will require the largest UK SME lenders to share details of SMEs they reject for finance (where SMEs give their consent) with alternative lending companies.**
"At AMP, we believe that the best way to address the small business credit gap is actually to empower banks and business service providers, which have the advantages of lower cost of capital, regulatory protections, extensive distribution and trusted customer relationships, to employ our alternative lending technologies for the benefit of their small business customers in a manner that is simple, clear and fully transparent to the borrowers. We differentiate from other providers by promoting equitable, transparent and trusted small business lending through banks and business service providers using a systemic approach, rather than seeking to disintermediate them," said Mr. Thomas J. DeLuca, CEO of AMP Credit Technologies.