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 GBP 50,001 and GBP 150,000 with no fees, interest or repayments for 12 months. The CBILS revolving credit facility goes up to GBP 5 million and works in much the same way as MarketFinance’s selective invoice finance product, with advances secured against outstanding invoices.
That deadline is fast approaching so UK fintechs Ebury and MarketFinance have combined to tackle the delays that have left some UK SMEs without access to finance. International trade specialist Ebury will add MarketFinance’s CBILS loans and revolving credit facilities, which are both interest free for the first year, to its existing supplier trade finance products meaning clients can access a comprehensive range of working capital solutions.
The CBILS was launched in response to the pressure that COVID-19 disruptions and lockdown restrictions have placed on business and will see the Government guarantee 80% on credit lines of up to GBP 5 million for UK SMEs.
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