- In 5 years, October has granted more than 450 million euros in loans to companies.
- 100 projects, i.e. 10% of the projects, were financed in July and August.
- The Instant Project technology has halved October’s loan granting time.
We are particularly happy today to celebrate the 1000th project financed by October.
Corona increases financing needs
The trend in funding applications has clearly accelerated in recent months: in July and August, more than one hundred out of a thousand projects were funded. In this period of crisis, October has managed to innovate and rely on technology to meet the growing demand for loans, especially state-guaranteed loans in Italy and France.
“Today, October has crossed the symbolic milestone of 1,000 companies financed. But the most interesting thing is to note that one out of five loans has been granted in the last 7 months.” Olivier Goy – CEO of October
Technology supporting speed
Five years of data collection and analysis have been used to develop Instant Decision, a credit process for loans up to 250 thousand euros that, using algorithms, results in a credit decision within 30 minutes. The financing itself has also undergone a major development over that period. More than 22,000 institutional and private investors have now joined the October platform. This hybrid model ensures quality and transparency.
Reasons for funding
Most entrepreneurs applying for funding in October are active in the industry, trade and marketing & consultancy sectors. Most applications for funding are made for digitization projects, spot two and spot three follow respectively the optimization of production and mergers and acquisitions.
Here is a summary of what led us to finance this 1000th project today: