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The peer-to-peer (P2P) property platform Assetz Capital has become the second of its kind to be accredited by the British Business Banks to issue loans under the Coronavirus Business Interruption Loan Scheme (CBILS).
Delivered through 60+ accredited lenders, CBILS was designed to provide finance to small businesses struggling against the economic impact of Covid-19.
Under the scheme, Assetz Capital will be offering commercial mortgage and development finance through CBILS between £250k and £5m to small and medium-sized enterprises. It is expected that the platform will start providing loans to its existing customers and then extend operations to deal with new enquiries.
In a statement, Stuart Law, CEO at Assetz Capital said: “We are delighted with this accreditation by the British Business Bank and it will help us to carry some of the weight of supporting this country’s great small businesses and house builders in this very difficult time. We are passionate about supporting SMEs and since we founded the company back in 2013, we have been working diligently to help fill the funding gap to those companies.
“As a marketplace lender, we are funded by a portfolio of institutions as well as tens of thousands of retail investors. CBILS, necessarily, will only be funded by institutional investors and these currently include UK and European banks, specialist credit funds and our dedicated institutional investment fund. We look forward to originating and managing these new loans for those institutional investors as the country begins its journey to recovery over the coming months.”
The British Business Bank also announced the approval of nine other alternative lenders. These include: Atom Bank, Ebury, Fleximize, Investec, Social Investment Business, Tower Leasing, Ultimate Finance and White Oak UK.
Keith Morgan, CEO of the British Business Bank, said they continue to help meet the incredible demand for CBILS by approving additional lenders for accreditation to the scheme and provide even more choice for smaller businesses in need as a result of the Covid-19 outbreak.
“These nine newly accredited lenders for CBILS will be able to deploy vital funding and get additional finance flowing to smaller businesses across the UK as quickly as possible.”
The Bank said it continues to review applications from a wide range of lender types – from PRA-regulated banks, to platform lenders, debt funds, invoice finance lenders, asset finance lenders, and responsible finance lenders.
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 Assetz Capital CBILS
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