LONDON, May 14, 2020
- 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:
Anil Stocker, CEO at MarketFinance, commented: "Businesses are looking to trade their way out of this crisis and CBILS allows them to unlock funding they might not have found otherwise. Here at MarketFinance, our technology and risk underwriting platform is at the heart of what we do. We've been processing large volumes of applications and delivering rapid funding decisions since we launched in 2011, and we're going to use this foundation to get as much funding out to businesses in this crucial time.
"Fintech was born out of the last financial crisis of 2008, and I'm proud that MarketFinance is now one of the platforms playing such a crucial role in channelling funds to UK businesses."
Under the CBILS, the first 12 months of interest on the loan and any arrangement fees will be paid by the UK Government as a Business Interruption Payment. This means smaller businesses will benefit from no upfront costs and lower initial repayments. No personal guarantees will be required, so borrowers and guarantors will not have to put up their principal private residence as security. SMEs can apply for a MarketFinance CBILS term loan (up to 3 years) between £50,001 and £150,000.
Businesses looking for cash flow or working capital can get finance on their outstanding invoices (with long payment terms, where they are waiting to be paid on work completed). As with business loans, there will be no arrangement fees or interest charged. SMEs with an annual turnover of up to £45 million can apply for a MarketFinance CBILS invoice finance facility (for up to 3 years) between £50,001 and £5m.
Notes to the Editor
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
For further information please contact: MarketFinance press office: Bilal Mahmood on email@example.com or +44-(0)20-3640-7759 and +44-(0)771-400-7257.
MarketFinance is a business finance company with offices in London and Manchester. The online platform enables businesses to access a range of flexible finance solutions — quickly and easily. This smart technology is backed by help from real people so business owners can save time and focus on growing their business.
Since 2011, MarketFinance has advanced over £2.9 billion to companies across a range of sizes and sectors, providing working capital and finance for everything from paying staff and suppliers to launching new products or services and accelerating growth.
MarketFinance is backed by Barclays, Santander InnoVentures, European venture capital fund Northzone (invested in Klarna, iZettle and Trustpilot), private equity group MCI Capital (also invested in iZettle, Azimo and Gett) and Viola Credit.