We’ve just been accredited under the Coronavirus Business Interruption Loan Scheme (CBILS)!

The CBILS is designed to support businesses that are losing revenue and seeing their cash flow disrupted as a result of the coronavirus pandemic. We’re proud to be joining the ranks of accredited lenders helping these businesses to come out the other side having not only survived, but thrived.

We’ll be open for applications in just a few days and can’t wait to start getting fast, flexible CBILS funding into the hands of SMEs across the country. You can already register your interest here to get ahead of the game before we officially go live.

Let’s take a closer look at what the Coronavirus Business Interruption Loan Scheme is all about, the CBILS funding solutions MarketFinance has to offer and which businesses are eligible to apply.

What is the CBILS?

The CBILS was introduced by the government to provide financial support for SMEs across the UK. With COVID-19 causing disruptions in almost every sector, thousands of businesses are looking for funding to ease the pressure on cash flow. The CBILS enables accredited lenders, like MarketFinance, to provide more funding to more businesses so they can weather the storm.

Here are some key features:

  • Funding: SMEs can apply for up to £5 million in funding, repayable over up to 6 years
  • Guarantee: This funding comes with an 80% government-backed guarantee
  • Interest and fees: The government will cover the interest for the first 12 months plus any fees, so the business doesn’t have to

You can find out more about the Coronavirus Business Interruption Loan Scheme as a whole on the British Business Bank’s website.

What CBILS funding will MarketFinance offer?

We’re accredited to provide two different kinds of funding under the CBILS, giving you the flexibility to decide what’s best for your business. You can opt for a hassle-free CBILS loan or choose a flexible CBILS revolving credit facility.

Business loan

If you’re looking for an instant cash injection to get back on track, a straight up term loan could be the right option for you. You can get up to £150,000 (fee and interest-free for 12 months) and get on with running your business. We’re offering terms from 6 months to 3 years and there’s no charge for early repayment.

Invoice finance

With cash flow already being squeezed, this is no time to be waiting out lengthy payment terms. With a CBILS revolving credit facility of up to £5 million, you can get an advance against your outstanding invoices instead of having to wait for your debtors to pay. You can choose a flexible facility that you only use as and when you need it to advance funds against a few select invoices. Or, you can opt for a subscription facility that gives you ongoing and regular access to funds from as many invoices as you like.

Is your business eligible for CBILS funding?

The Coronavirus Business Interruption Scheme comes with its own eligibility requirements set out by the British Business Bank. Any accredited lender under the scheme will also have their own eligibility criteria specific to the solutions they offer.

You can apply for CBILS funding through MarketFinance if…

  • You’re a Limited company or LLP registered in the UK
  • You sell goods or services to other businesses (B2B), if applying for a CBILS revolving credit facility
  • Your turnover is between £100,000 and £45 million
  • You’ve filed a minimum of 2 years accounts at Companies House, if applying for a CBILS loan
  • One or more of your company’s directors lives in the UK
  • Neither the company nor any of its directors are currently facing any insolvency or bankruptcy procedures
  • The company doesn’t have any unpaid CCJs worth more than £250 if applying for a CBILS loan or £2,000 if applying for a CBILS revolving credit facility
  • Your application would’ve been viable (based on our normal eligibility criteria) even if there wasn’t a coronavirus pandemic
  • The company has been adversely impacted by the coronavirus pandemic

No two businesses are the same so we’ll consider each application individually, but these should give you a good idea from the get-go whether you’re eligible for CBILS funding. Whether you choose a revolving credit facility or a business loan, you’ll be able to apply quickly and easily online.

We’re just a few days away from opening applications, so make sure you click here to register your interest.

Let’s get started

From day one, MarketFinance has always been about making business finance quick and easy. We’re thrilled to be stepping up to the plate, bringing that speed and ease to the CBILS and helping British businesses thrive in the face of this crisis.

Small businesses can and will come out the other side – stronger and ready to rebuild our UK economy.