LONDON, June 11, 2020
LONDON, June 11, 2020 /PRNewswire/ -- 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."
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).
Invocap is one of the UK's leading Financial Technology ("FinTech") lenders. Since its establishment in 2015 we have lent over £120 million to small and medium businesses across the UK. We are passionate about helping SMEs find better ways to finance their growth. Our online tools help us see the real value of your business, by taking into account assets that a traditional bank would not recognise. By doing so, we hope to provide financing exactly when you need it most — in a clear structure, that suits the patterns of your cashflow. Above all, we value our relationship with our customers.
For more details on Invocap, and to see if your business qualifies for one of our CBILS loans, please visit www.invocap.com/cbils.
For further information please contact Invocap press office: