The Praetura Asset Finance (PAF) Group are pleased to announce that Kingsway Asset Finance Ltd has been accredited as a new lender for the Coronavirus Business Interruption Loan Scheme (CBILS) by the British Business Bank.
Delivered through British Business Bank accredited lenders, CBILS is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
Group company Kingsway Asset Finance will be offering CBILS term loan funding from £50,001 to £150,000 over two to five years, with no capital repayments for the first twelve months and no interest or fees payable for the first year of the agreement.
Peadar O Reilly, chief executive officer of Praetura Asset Finance Group, said: “This is another important development for the Praetura Asset Finance Group, giving further capability to enhance the range of funding facilities for small and medium-sized businesses in the group’s portfolio. The new CBILS funding facilities are vital to help our customers (both old and new) to stabilise, adapt and diversify”.
Applications for the new CBILS facilities will be opened to both new and existing SME customers of Kingsway Asset Finance via referrals from a select panel of approved broker and intermediary partners.
Mike Day, sales director at Kingsway Asset Finance, said: “At Kingsway we have a long history of supporting the borrowing requirements of the UK SME market. Now as an accredited non-bank lender, under the government backed CBILS initiative, we look forward to providing qualifying businesses with the much-needed support they require during these testing times, via our panel of selected intermediaries”.
About the Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme (CBILS), delivered through British Business Bank accredited lenders and partners, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.
Under CBILS, the first 12 months of interest on the facility and any arrangement fees will be paid by the UK government as a Business Interruption Payment. This means smaller businesses will benefit from no upfront costs and lower initial repayments.
Detailed information on CBILS can be found on the British Business Bank website – Coronavirus Business Interruption Loan Scheme (CBILS).
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorized or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS.