ABN AMRO launches new initiative for SMEs looking for a loan entirely online

ABN AMRO launches new initiative for SMEs looking for a loan entirely online

AMSTERDAM, 21-Sep-2017 — /EuropaWire/ — Starting today, SMEs looking for a loan online can go to New10, an initiative of ABN AMRO. New10 lets them know within 15 minutes whether they qualify for a loan and under what terms and conditions. New10 meets the needs of this group of SMEs that want to take out a loan entirely online.

“SMEs play an important role in our economy – they are a key driver of economic growth,” says Mark Schröder, co-founder and Commercial Director of New10. “New10 responds to the desire of SMEs to finance their growth ambitions online, quickly, easily and clearly.”

Business loans up to EUR 1 million

New10 provides loans ranging between EUR 20,000 and EUR 1 million. The applicant selects the different parts of the loan himself and chooses the purpose, amount and term of the loan. He then uploads his transaction details and financial statements. New10 uses this information to automatically determine the business’s financial soundness. Schröder: “The applicant gets an answer within 15 minutes. In the last step, the applicant provides digital identification and the contracts are digitally signed. Within two days, the money is deposited into the business owner’s account.”

Fully digital

Daphne de Kluis, CEO of Commercial Banking at ABN AMRO: “New10 embodies our enterprising approach to digitalisation and innovation. We combine the bank’s knowledge and experience with the digital skills and ideas available outside the bank. New10’s fully digital approach responds to the needs of a growing group of businesses that want to do everything online.”

SOURCE: ABN AMRO Bank N.V.

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