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P2P Platform Market Finance Is Approved For CBILS

Posted 1 years ago

P2P Platform Market Finance Is Approved For CBILS
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MarketFinance has become the latest alternative lender to be approved 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.”

It now joins Funding Circle and Assetz Capital as another Fintech to be approved under the scheme, with 60 banks and other lenders now involved in the scheme.

Anil Stocker, CEO at MarketFinance said: “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.

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 ”



Businesses looking for cash flow or working capital will also be able to get finance on their outstanding invoices (with long payment terms, where they are waiting to be paid on work completed).

As with business loans, there will be no arrangement fees or interest charged. SMEs with an annual turnover of up to £45 million can apply for a MarketFinance CBILS invoice finance facility (for up to 3 years) between £50,000 and £5 million.

The British Business Bank (BBB) said it is working at pace to accredit those lenders who want to provide lending under the scheme to further extend its reach and provide more choice for smaller businesses.

“Accredited lenders have continued to see an incredible demand for the Covid-19 business loan schemes,” Keith Morgan, chief executive of the BBB, said.

 

Responding to the news, CEO of NextFin, Sacha Bright said: “It's good to see that the British Business Bank is supporting a Fintech company that specialises in invoice finance.

“In the last recession, many businesses went into liquidation because factoring/invoice finance businesses stopped funding their customers because they failed credit checks. An invoice finance scheme underwritten by the government will help secure funding against these businesses.”

Author: Sacha Bright & Oliver Murphy

Disclaimer

To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed.

Tagged: News P2P Market Finance CBILS Covid-19



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