UK Fintechs Ebury and MarketFinance partner to speed up CBILS access ahead of September deadline
As the Government’s CBILS initiative draws to a close this month, two British fintechs Ebury and MarketFinance, have joined forces to ensure SMEs across the UK are able to quickly access the emergency lending.
MarketFinance will offer both its CBILS loans and revolving credit facilities to Ebury’s UK SME base to support them with their business finance needs.
The CBILS initiative will conclude at the end of September 2020 with pre-submitted applications in September being valid until the end of November.
Until 30 September, companies can apply for a cash injection through a CBILS loan between £50,001 and £150,000 with no fees, interest or repayments for 12 months. The CBILS revolving credit facility goes up to £5m and works in much the same way as MarketFinance’s flagship selective invoice finance product, with advances secured against outstanding invoices.
Juan Lobato, Ebury CEO said: “We have been working with governments throughout Europe to try to ensure that SMEs, the lifeblood of our economies, have access to the working capital they need to survive the pandemic. I am delighted that by combining with one of our fintech peers we will be able to help more companies in the UK secure the vital funding they need to be able to benefit from the economic recovery we are starting to see.”
That deadline is fast approaching so UK fintechs Ebury and MarketFinance have combined to tackle the delays that have left some UK SMEs without access to finance. International trade specialist Ebury will add MarketFinance’s CBILS loans and revolving credit facilities, which are both interest free for the first year, to its existing supplier trade finance products meaning clients can access a comprehensive range of working capital solutions.
The CBILS was launched in response to the pressure that COVID-19 disruptions and lockdown restrictions have placed on business and will see the Government guarantee 80% on credit lines of up to £5m for UK SMEs.
Anil Stocker, CEO at MarketFinance, commented: “A key part of our strategy is partnering with other fintechs to deliver seamless funding solutions for their customer base. We are very excited to be launching this with Ebury, who have built up a strong brand internationally and who want to improve access to finance for their business customers in this crucial time. We hope this partnership will make it even easier for business owners to find the right finance to help them through this global pandemic.”