Development Bank of Wales picks EQ Credit Services for lending
The Development Bank of Wales has signed up EQ Credit Services to help provide Welsh businesses with commercial funding post-pandemic.
EQ Credit Services will provide an automated, flexible, end-to-end loan administration system to the bank.
The sign-up is part of a wider digital transformation project underway at the Development Bank of Wales.
The bank reported a 72% increase in loan customers as a result of the Covid-19 Wales Business Loan Scheme (CWBLS), launched last year.
As a result, it is aiming to digitise several of its operations and processes to better meet customer demands.
“Our customer base has grown significantly over the last year,” says David Staziker, chief financial officer for the development bank.
“[This is] as a result of the funding made available by the Welsh Government to support businesses during the pandemic. It is therefore vital that we have the right technology infrastructure in place to support our customers throughout their journey with us.”
The Development Bank of Wales is one of the UK’s largest regional investment firms for small and medium-sized enterprises (SMEs).
It manages funds in the region of £1.4 billion and offers investments of up to £10 million at all stages of a business’ lifecycle.
The bank says its deal with EQ is “long-term partnership” to drive “operational efficiencies and better manage our customer portfolio”.
CWBLS was announced on 30 March 2020, and the £100 million facility is now fully subscribed. It claims to have helped safeguard over 16,000 jobs in Wales.