MarketFinance approved as CBILS lender to support UK businesses

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.

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.”

Business Loans

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.

Invoice Finance

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 £50,0001 and £5m.

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

For further information visit https://marketfinance.com/

MarketFinance joins Shawbrook Bank, Bank Leumi (UK) plc (including Leumi ABL Ltd) and Capital on Tap join the 60+ existing CBILS accredited lenders that already offer the scheme to smaller businesses across the UK.

Keith Morgan, CEO, British Business Bank, said: “Accredited lenders have continued to see an incredible demand for the Covid-19 business loan schemes. Since launch, we have grown the total number of accredited lenders to the schemes by more than 50 percent to provide even greater coverage and choice for smaller businesses. The announcement of a further six new lenders means they will be able to deploy vital funding and get additional finance flowing to smaller businesses across the UK as quickly as possible.”

All lenders accredited under the Coronavirus Business Interruption Loan Scheme (CBILS) have been invited to become accredited to offer loans under the terms of the Bounce Back Loan Scheme. The British Business Bank is working at pace to accredit those lenders who want to provide lending under the scheme to further extend its reach and provide more choice for smaller businesses

The Bounce Back Loan Scheme has previously accredited 14 lenders. These are AIB, Bank of Scotland, Barclays, Clydesdale Bank & Yorkshire Bank, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander, Starling Bank, The Co-operative Bank, TSB, RBS and Ulster Bank.

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

For further information visit https://www.british-business-bank.co.uk/