Bathgate Business Finance has been selected as a Funding Circle Coronavirus Business Interruption Loan Scheme (CBILS) partner, allowing it to apply for the government-backed business support loans on behalf of eligible businesses.
As an approved intermediary, the West Kirby-based finance specialist can make applications for loans up to the value of £250k, with a guaranteed APR of below 9% and no repayments due for the first 12 months.
The supporting documentation required is considerably less onerous than the information required by banks and the process is expected to be much faster, with decisions typically being made within 24 hours.
To be eligible for the loan, businesses must be UK-based with a turnover of less than £45 million, with more than 50% of that coming from trading activity, rather than investments.
As well as having been adversely affected by the coronavirus, businesses need to have at least three years trading history and the loan should primarily be taken for business purposes and activity in the UK.
Bathgate Business Finance has been an approved introducer to Funding Circle since 2014, becoming a Funding Circle Business Champion in 2019.
Gordon Andrews, managing director at Bathgate Business Finance, said: “The Covid-19 outbreak has taken an enormous financial toll on businesses in the region, across all sectors, and we have seen the impact of the disruption and uncertainty.
“Banks are primarily dealing with applications for loans for existing customers and with the new Bounce Back Scheme, which is limited to a maximum of £50k per client, are unsurprisingly inundated with proposals. Funding Circle CBILS provides another option.
“To ensure that applications are presented correctly and can be dealt with efficiently, Funding Circle has ceased the availability of direct access to their portals from clients and non-approved intermediaries with immediate effect.
“As an approved intermediary for Funding Circle CBILS we will be able to help SMEs navigate the loan application process quickly and efficiently, by completing the application on their behalf.
“Our experience of working with Funding Circle and its systems, combined with our understanding of their requirements and processes mean we can ensure the applications we make are given the best possible opportunity to succeed.”