Case Study: Pale Tree
Pale Tree is an accredited lender under the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS). Their mission is to help smaller businesses get the financing they need with “as little fuss as possible.” Pale Tree eliminates the red tape from their business so it’s faster and more convenient for their clients to access loans.
The Challenge
When Pale Tree acquired a UK company they previously completed work for, they were able to get a foothold into the UK and this opened the door for participating in CBILS. In order to successfully fund small businesses in need, Pale Tree needed to provide a portal for small business owners to apply and receive funding. This needed to be done quickly due to the pandemic. The biggest challenge was finding a quick way to create an environment for small business owners to apply and give Pale Tree the ability to accept many applications.
The Solution
In their consultation with CloudMyBiz, Pale Tree explained the essential information they need from small businesses when filling out CBILS applications. In order to determine a business’s eligibility for the program, they need to know about applicants such as revenue, outstanding loans, and receive relevant financial statements. Pale Tree worked with CloudMyBiz to develop an effective mechanism to quickly gather this information. Instead of an extensive process of waiting on developers to begin, CloudMyBiz used a powerful prototyping tool that allowed the company to create wire-frames and show what screens would look like without having to build them yet.
The Result
With the pandemic creating an urgent need for funding, this was a true test against time. Thankfully, Pale Tree could rely on CloudMyBiz to deliver an effective solution. Their collaboration equipped Pale Tree with the ability to accept applications and provide a major contribution to small businesses during the pandemic. CloudMyBiz’s set-up was also able to provide a much faster development cycle. Overall, PaleTree was able to top their highest milestone and distribute over £250M (GBP) in funding.