ING Belgium has launched a fast-track procedure for its business clients on crowdfunding platforms Seedrs and KissKissBankBank.
According to the company, this will enable entrepreneurs to diversify their funding sources and also to test their projects with a broad audience.
"For entrepreneurs who are driven by innovative ideas, a classic bank loan is not always the best or only solution.Both entrepreneurs and banks can benefit from a diversified funding combination. ING Belgium will now be able to offer projects that it believes will get added value from (partial) financing through crowdfunding," wrote ING.
The company said the fast track procedure can save the entrepreneur a lot of time and effort and improves the entrepreneur’s chances on successfully completing his crowdfunding campaign.
When one of the platforms receives a project via the ING fast track procedure, it is assessed within two days at most whether or not the project is suitable for the respective platform and what the chances of success are. If the project receives a positive appraisal from the platform, the entrepreneur can immediately kick off his crowdfunding campaign, supported by the platform.
Erik Van Den Eynden, head of midcorporates & institutionals at ING Belgium, said: "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."
Jeff Lynn, co-founder and chief executive officer of Seedrs: "We are very excited to be working together with ING in making equity crowdfunding more easily available to the Belgian business community. 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. We’re proud to have been chosen as ING’s partner for this venture, and we see our selection as further validation of our "equity crowdfunding done properly" approach."