Growth Lending has been approved as an accredited lender of the Coronavirus Business Interruption Loan Scheme (CBILS) by the British Business Bank (BBB). Growth Lending expect to be taking formal applications within the next 2 weeks.
With the CBILS accreditation, businesses with a maximum turnover of £45 million will be eligible to apply for Growth Lending facilities including loans, invoice finance and revolving credit facilities allowing businesses to generate additional working capital to cover the impact of COVID-19. Alongside new businesses, Growth Lending will be aiming to help businesses within the current group (GapCap, BOOST&Co and KX Media) portfolio to survive the impact of COVID-19 and then continue to support them to continued success on the other side.
The Coronavirus Business Interruption Loan Scheme (CBILS) is delivered through over 60 lenders accredited by the British Business Bank (BBB) and designed to support small-medium sized enterprises (SMEs) who have experienced deferred revenue and whose cashflow has been adversely affected by the COVID-19 outbreak.
Lenders of the scheme are able to provide facilities of up to £5m to UK businesses, provided those businesses’ meet the eligibility criteria that is specified by the BBB here.
Businesses are now able to access information to Growth Lending facilities via the website here.
Kristi Oliver, CIO of Growth Lending, commented: “We are very excited for Growth Lending to have become an accredited lender by the BBB for the Coronavirus Business Interruption Loan Scheme. As soon as the ball starts rolling, we will be impacting a number of UK businesses, hopefully providing them with a facility that can help generate cashflow in time for their business to start picking back up as the world starts to get back to normal again!”
Growth Lending facilities range from 2-5 years in total, with the government taking care of interest payments for the first 12 months. Once applications are submitted to the Growth Lending team, they will assess suitability for funding immediately and notify the business shortly afterwards.