– Lending: MarketFinance approved for accreditation as a new lender under Coronavirus Business Interruption Loan Scheme (CBILS) by the British Business Bank
– Products: Businesses will be able to apply for loans and invoice finance products, both accredited under CBILS
– X-factor: Advanced, tech-based risk model to process online applications quickly and provide faster decisions to businesses; getting more money to businesses in need
– SMEs: Open to all eligible businesses with a minimum turnover of £100k
LONDON, May 14, 2020 /PRNewswire/ — Fintech business lender MarketFinance has today been accredited by the British Business Bank as a lender under the government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
The Coronavirus Business Interruption Loan Scheme is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
From today, businesses can immediately express their interest for a CBILS loan or invoice finance facility through MarketFinance via its website here. MarketFinance will be able to receive and process CBILS applications in the coming days.
Minimum eligibility criteria for business loans and invoice finance through MarketFinance:
- Limited Company or Limited Liability Partnership
- Trading for more than 24 months, has a turnover of more than £100k
- Company sells goods and services to consumer and other businesses