Liberis, the fintech on a mission to reshape small business finance for good, has today been approved for accreditation by the British Business Bank to provide term loans to small businesses across the UK under the Government backed Coronavirus Business Interruption Loan Scheme (CBILS).
The Coronavirus Business Interruption Loan Scheme, delivered through 60+ British Business Bank accredited lenders, 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.
Liberis will offer loans ranging from £50,001 to £150k over 12 or 24 months. The government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied charges, along with a three-month repayment holiday delivered by Liberis, to help small businesses get back on their feet.
Rob Straathof, CEO, Liberis, commented: “We know from our customers that the speed and flexibility of small business finance is essential, particularly when it comes to bridging cashflow in uncertain times. We are delighted to become an accredited lender under CBILS as we have the expertise and technology in place to fast-track the finance in a matter of hours into the hands of the small business owners that need it.”
To date, Liberis has provided nearly £500 million in finance to over 15,000 small businesses across the UK through its Business Cash Advance, which allows those with unpredictable revenue streams to pay the advance as a small percentage of their daily customer card transactions.
If you are a small business and would like to find out how to apply for a CBILS loan, please contact one of our friendly agents on 01276 944 512.
For more information about Liberis, please visit: www.liberis.com