Aldermore is now offering the asset finance variant of the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS), having been an accredited lender under the former Enterprise Finance Guarantee scheme.
CBILS provides Aldermore and other accredited lenders with a government-backed guarantee potentially enabling Aldermore to provide asset finance facilities to SMEs to support their investment in new and used assets. In the absence of the CBILS scheme, those SMEs would ordinarily have difficulty raising such finance due to the impacts of Covid-19.
It is now being rolled out across Aldermore’s asset finance broker network to enable them to support UK SMEs during this period of uncertainty.
Although Aldermore will only offer the asset finance element of the programme in the first instance, it has plans to join other variants of the scheme – helping it to provide further funding to support SMEs build business confidence for recovery and growth during this unparalleled time.
CBILS will provide Aldermore with a government-backed guarantee against eligible facilities, allowing it to broaden its reach to customers who are unable to secure funding.
Tim Boag (pictured), group managing director, business finance at Aldermore, said: “We are delighted to continue working with the British Business Bank to offer our customers this scheme, building on our credentials as a leading funder for brokers looking to finance assets of all shapes and sizes.
“Small and medium-sized enterprises are the backbone of the UK economy and it is our mission at Aldermore that we do everything we possibly can to help them succeed during this time of uncertainty.”
The full customer criteria can be found on Aldermore’s website: https://www.aldermore.co.uk/intermediaries/asset-finance/coronavirus-business-interruption-loan-scheme-cbils/