ING in Belgium is offering small businesses a fast-track procedure for raising funds on crowdfunding platforms Seedrs and KissKissBangBang.
ING says the alliance will provide a valuable source of alternative financing for entrepreneurial clients with innovative ideas who may not qualify for a classic bank loan.
Under the fast track procedure, clients referred by ING are guaranteed a response within two days and if successful can upload their projects immediately.
Says Erik Van Den Eynden, head of midcorporates & institutionals ING Belgium: “In our efforts to help our customers keep a step ahead in their business, we are going further than traditional bankers. Our partnership with KissKissBankBank and Seedrs is an example. Our aim is to strengthen our customer’s project and to support them in the growth of their business. Our role is therefore much larger than that of your classic lender: we are a collaborative partner and advisor.”
Seedrs and KissKissBangBang operate distinct crowdfunding models, with investors in the former taking a stake in projects financed through the platform, while the latter offers discounts and rewards to individual investors.
Jeff Lynn, co-founder and CEO of Seedrs, says: "To our knowledge this is the first time that a well-respected, global financial institution like ING has partnered with a leading international equity crowdfunding platform like Seedrs, and we think this relationship is very encouraging for the future of business finance."