Here our head of funding, Ben Day gives an update on the alternative lenders that have been accredited to CBILS providing a more flexible and innovative offering.
“By now I think everyone is well versed on what the main banks are offering through the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS), specifically term loans.
However, as suspected there are now alternative lenders accredited to CBILS who are more innovative and flexible with what they can offer. Just earlier today the British Business Bank announced the appointment of an additional nine new lenders to the scheme, bringing the total number of lenders to over 60.
For a lot of businesses this will likely lead to an increase in the amount of funding available, especially if you have existing assets in your business.
Asset Finance – The ability to borrow up to five times the value of any new or existing asset (so no deposit required on new kit).
Invoice Finance – The ability to borrow up to 100% of your debtor book (construction debt included).”
If you would like to discuss either options in more detail then please do not hesitate to get in touch with Ben directly: benjamin.day@cowgills.co.uk.
Disclaimer
The information was correct at time of publishing but may now be out of date.
