FundingNet/FilmCabbage COVID-19 Update
The FundingNet/FilmCabbage program very necessarily requires the involvement of several third party channel partners to be able to provide the loans we do. Some of these channel partners include banks, central banks, accounting firms, law firms and asset security companies such as Brinks and G4S.
Due to the ongoing global pandemic, and the social distancing/isolation standards many countries and most corporations are utilizing to try to slow the spread of COVID-19, we are experiencing timing challenges in our program. For instance, nothing is moving through our central bank compliance processes right now because the central banks are all fully engaged in developing financial relief packages for the governments of the world. Others among our channel partners are simply operating at a very small fraction of their normal capacity, as anyone who is still working, is working from their homes with limited resources.
As a result, timing is very difficult to determine right now. It is taking longer to process applications (as we involve accounting firms and our banking partners in that process), develop contracts (as most law firms are operating only remotely), develop SKRs (as Brinks/G4S/Ferrari Group are also working almost exclusively from home) and process deals through central banking compliance.
We are still operating and will continue to do so, we simply cannot keep to our normal timelines due to the changing business practices in the world. Once our channel partners are all back to normal (or close to normal) capacity we will be able to return to business as usual. Until then, as with most of the companies of the western world right now, we continue to work diligently toward our and our borrowers' common goals as best we can under the circumstances.
Stay safe everyone, and be well.