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.
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.”