Alternative finance provider Fleximize today joins over 60 lenders approved as British Business Bank Accredited Delivery Partners of The Coronavirus Business Interruption Loan Scheme (CBILS).
CBILS is a government-backed scheme which provides financial support to UK SMEs that have had their cash flow negatively impacted by the Covid-19 pandemic. CBILS aims to support these businesses by giving them access to a range of government-backed finance products in the form of term loans, overdrafts, invoice financing, or asset finance.
Although the borrower is fully liable for the debt, the government scheme encourages lenders to provide finance to businesses by guaranteeing 80% of each loan.
Recently named the UK’s Best Business Finance Provider at the British Bank Awards, Fleximize will be providing support to UK SMEs through CBILS via a variation of its term loan product, allowing businesses to borrow between £50,001 and £500,000.
Peter Tuvey, Co-Founder and CEO of Fleximize, said: “Fleximize has a track record of adapting its offering to support the changing needs of UK businesses. Just last month, we launched our newly designed Covid-19 Essential Business Growth Loan to provide priority funding to the essential businesses that continue to trade during the coronavirus crisis.
"Our CBILS accreditation will now allow us to support a wider range of UK businesses that are struggling with their cash flow due to the pandemic. We’re working hard to adapt our processes so that we can start offering support under CBILS as soon as possible.”
Fleximize will be announcing more details about when it will be accepting CBILS applications in the coming days.