Invocap has recently been approved by the British Business Bank as a new accredited lender under the Coronavirus Business Interruption Loan Scheme (CBILS). The announcement comes as a group of the UK’s leading FinTechs were approved into the program, alongside major banks, such as Barclays and HSBC.
From today, small businesses who are experiencing disruptions to their cashflow, will be able to gain access to term business loans between £50,001 and £5m. The scheme carries many advantages that specifically benefit UK small businesses that are trading through these difficult times.
Through CBILS, the UK Government will provide a Business Interruption Payment to cover the first 12 months of interest and any arrangement fees, meaning that businesses can benefit from lower repayments in the first year and no upfront costs. No personal guarantee will be required for all loans below £250,000.
UK based businesses, with a turnover of between £250,000 and £45 million a year, that have been negatively affected by coronavirus (COVID-19), may be eligible for the program. Qualifying companies must be a Limited Company or Limited Liability Partnership that have been trading for a minimum of 24 months.
CEO of Invocap, Gideon Shaw, said:
“We are delighted to be able to offer new and existing clients access to business loans supported by the CBILS program. As a technology driven lender, we are able to lend without the need for face to face meetings, which is a particular advantage at this time. We would like to thank the British Business Bank for establishing this scheme and look forward to helping British Businesses around the country receive the support they need and deserve.”