Hoist Finance partners with TEAM U to develop digital platform for entrepreneurs in financial crisis

MAY 28 2020

Hoist Finance launches a partnership with TEAM U, the largest independent organisation in Germany to support entrepreneurs with avoiding bankruptcy. With over six million customers, including entrepreneurs and SMEs, in eleven European markets, Hoist Finance has direct insight into the financial consequences due to the Covid-19 outbreak.

SMEs have been quickly affected by the closing of societal functions and businesses, which has lead to an increase in financial difficulties and bankruptcy. TEAM U has experienced a 120% increase of entrepreneurs seeking support following the pandemic. In Germany, SMEs account for 63,2% of employment[1]. This amounts to over 2,4 million enterprises employing over 18,3 million individuals in 2018. 

Hoist Finance is now supporting TEAM U in their development of a digital platform to scale up their capacity to help more entreprenurs through webinars and online support. 

“We can see a growing concern among Hoist Finance SME customers. Many can avoid bankruptcy by getting the right support and guidance. By contributing to the development of TEAM U’s digital platform we are providing our customers with the possibiliy to join the platform where they can get support with preventative measures, financial crisis support as well as a help with successfully rebuilding their life after bankruptcy, both personally and professionally,” says Christian Steinebach, Country Manager Hoist Finance Germany, and adds: “Moreover, the partnership is in line with Hoist Finance digital strategy and we are contributing to financial inclusion, which is the primary driver of our newly launched sustainability strategy”. 

The development of the online platform will be divided into three phases. The first phase is building a cost-free Digital First Aid Kit for re-start after the corona crisis for SMEs. The second phase will consist of webinars and online tutorials for issues related to financial literacy, and the third phase will be about scaling up the platform by making it available to partners in Europe. 

“The lack of affordable support is a problem for SMEs, their owners, their employees and their suppliers. At TEAM U we offer a cost-free hotline, peer-to-peer support, self-help groups, online services, consulting and we have a network of very experienced experts to refer to. We are happy to partner with Hoist Finance and we hope that with their experience and knowledge of financial distress, we can create even more value for people in these challenging times,” says Attila von Unruh, CEO of TEAM U.

About Hoist Finance
Hoist Finance is a trusted debt resolution partner to individuals, companies and banks in eleven European countries. With over 1,700 dedicated colleagues, smart digital solutions and a deep understanding of individual financial circumstances, we help over six million customers keep their commitments. This is achieved by agreeing on sustainable repayment plans so that everyone is included within the financial ecosystem. Hoist Finance has a diverse portfolio of asset classes and our online savings platform in Sweden and Germany enables our unique funding model. Hoist Finance was founded in 1994 and is today a public company listed on Nasdaq Stockholm. For more information, please visit hoistfinance.com.

About TEAM U
TEAM U Restart is a non-profit organisation that supports entrepreneuers in crisis with their succesful re-start. TEAM U offers services in the field of ‘Early Warning’, crisis management and Re-start. It has helped more than 17.500 entrepreneurs through individual support offered by trained volunteers and turnaround experts. It was awarded the German Award for Social Engagement (Deutscher Engagementpreis) and was choosen as a lighthouse project by the European Commission to train organisations in Europe in the EU project ‘Early Warning Europe’, which already helped more than 3.500 companies in Spain, Italy, Greece and Poland. The TEAM U Academy now develops an innovative digital platform to train and support entrepreneurs in financial disstress – thus saving a high number of companies and jobs. With support of Hoist Finance TEAM U aims to create high social and economic impact and offer its services and trainings to partners in Europe.

[1] EC 2018 SBA Fact Sheet, Germany