CBILS: Market Finance starts small business lending under Covid-19 scheme
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Market Finance today opened for loan applications from small businesses under the government’s coronavirus business interruption loan scheme (CBILS).
The London fintech firm last month gained accreditation from the British Business Bank to offer loans under CBILS, which offers support to small firms impacted by the Covid-19 crisis.
Market Finance will offer a term loan of up to three years from £50,001 to £150,000.
It will also provide invoice finance of between £50,001 and £5m to businesses with an annual turnover of at least £100,000.
“Businesses are looking to trade their way out of this crisis and CBILS allows them to unlock funding they might not have found otherwise,” said Anil Stocker, chief executive of Market Finance.
“We’ve been processing large volumes of applications and delivering rapid funding decisions since we launched in 2011, and we’re going to use this foundation to get as much funding out to businesses in this crucial time.”
Companies have now borrowed £8.9bn through the government’s flagship CBILS programme.
However, the approval rate is just 51 per cent, with many firms reporting they cannot access the cash they need.
“By our estimation, there is a £20bn lending opportunity with CBILS funding,” Stocker said. “We aim to get more of this finance out to businesses in need across the country.”