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 Capital) portfolio to survive the impact of COVID-19 and then continue to support them through their growth 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.
Alex Fenton, Founder of GapCap and CEO of Growth Lending, commented: “As we start moving out of lockdown, we are going to start feeling and seeing the economic impact of COVID-19 more readily. We feel that within the roster of great lenders, our group can offer something different and ensure that for all impacted businesses, there is a solution out there. We are looking forward to getting started.”
The facilities offered under Growth Lending 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 Growth Lending, they will assess suitability for funding immediately and notify the business shortly afterwards.