Project: Singlify Covid-19 Recovery Pilot Fund
The Singlify Covid-19 Recovery Pilot Fund is designed to support social investment intermediaries to strengthen their technology infrastructure so they can respond more effectively to Covid-19 requests and better administer future loan funding. The impact of payment holidays in response to the Covid-19 crisis has led to a short-term reduction in income for social investment intermediaries, at the very time they need to implement improvements to their digital and IT infrastructure in order to cope with increased demand from their services. The project aims to solve this short-term problem by partial subsidy for Singlify to carry out management information software (MIS) implementation work required.
The funding will be available to Singlify customers and cover a maximum of one third of the costs needed to achieve digital transformation and improve the effectiveness and efficiency of operations with an affordable, high-quality IT platform specific to their needs. This will increase the resilience of the social investment customers in the UK, many of which have business models with narrow margins given their social focus.
In the longer term, social investment intermediaries will benefit from an improved IT platform which will allow them to manage loans from application to disbursement and administration more efficiently and effectively. In turn, loan managers, currently working remotely, will be able to spend more time with their customers and less on the administration of applications and loans. Investors will also benefit from the improved reporting made possible by the consolidation of data onto a single source.