Fleximize has been approved for accreditation by the British Business Bank as a lender for the Government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
The Coronavirus Business Interruption Loan Scheme, delivered through 60+ British Business Bank accredited lenders, 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.
Fleximize is one of several new lenders to be approved for accreditation under CBILS today. Recently named the UK’s Best Business Finance Provider at the British Bank Awards, the Suffolk-based lender will be providing support to UK SMEs through CBILS via a variation of its flexible term loan, where businesses can borrow between £50,001 and £500,000.
The business is currently putting in place the operations required to start lending under CBILS and is to confirm when they will be ready to start receiving CBILS applications.
Peter Tuvey, Co-Founder and CEO of Fleximize, said: “Fleximize has a track record of adapting its offering to support the changing needs of UK businesses. Just last month, we launched our newly designed Covid-19 Essential Business Growth Loan to provide priority funding to the essential businesses that continue to trade during the coronavirus crisis.
“Our CBILS accreditation will now allow us to support a wider range of UK businesses that are struggling with their cash flow due to the pandemic. We’re working hard to adapt our processes so that we can start offering support under CBILS as soon as possible.”
For more information, please visit fleximize.com.