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So far over 100 firms have been accredited to provide the Coronavirus Business Interruption Loan to businesses struggling to mitigate the economic impact of Covid-19.
Among the alternative lenders to be accredited are Funding Circle, Assetz Capital, Lending Crowd, and Folk2Folk. Marketplace lenders, MarketFinance and ThinCats have also been accredited, along with high street and challenger banks.
In this piece, we show you what is on offer from the alternative lenders that have been accredited. So far, only four of the approved lenders have released their rates; we will update our data as and when lenders publish their offerings.
Lender |
Product |
Eligibility |
Borrower rates |
Funding Circle |
Loans between £50,000 and £250,000 |
Business must have turnover of upto £45m |
Between 1.02% and 6.34% over 2-5 years |
Lending Crowd |
Finance between £50,00; invoice finance facilities from £50,000 to £5m |
Business must have turnover of upto £45m; 50% of trading activity must come from the UK and operate in B2B. |
Start at 5.6% |
MarketFinance |
Loans of up to £150,000 |
Businesses must have turnover of upto £45m; a minimum of £100,000; registered in the UK with at least one director resident. |
Between 1.02% and 6.34% over 2-3 years. |
ThinCats |
Loans between £1m and £5m |
Business must have turnover of upto £45m; 50% must come from trading activity |
Between 6-9% for up to 6 years |
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. Nextfin is not liable for any damages arising from the use of or inability to use this site or any material contained in it, or from any action taken as a result of using the site.
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