As the Government’s CBILS initiative draws to a close this month, two British fintechs Ebury and MarketFinance, have joined forces to ensure SMEs across the UK are able to quickly access the emergency lending. MarketFinance will offer both its CBILS loans and revolving credit facilities to Ebury’s UK SME base to support them with their business finance needs.
The CBILS initiative will conclude at the end of September 2020 with pre-submitted applications in September being valid until the end of November. Until 30 September, companies can apply for a cash injection through a CBILS loan between £50,001 and £150,000 with no fees, interest or repayments for 12 months. The CBILS revolving credit facility goes up to £5m and works in much the same way as MarketFinance’s flagship selective invoice finance product, with advances secured against outstanding invoices.
