UK fintechs partner to speed up CBILS access ahead of September deadline

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.

The CBILS initiative will conclude at the end of September with pre-submitted applications in September being valid until the end of November. Until 30th September, companies can apply for a CBILS loan between £50,001 and £150,000 with no fees, interest or repayments for 12 months. The CBILS revolving credit facility goes up to £5 million and works similarly to MarketFinance’s selective invoice finance product, with advances secured against outstanding invoices.

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 £5m for UK SMEs.

While the immediate focus of the partnership is to offer lending products under CBILS terms to Ebury clients, the fintechs intend to work together in the long term with Ebury continuing to offer MarketFinance’s regular business loans and invoice finance to their clients, well beyond the end of the CBILS window.

Juan Lobato, CEO of Ebury, said: “We have been working with governments throughout Europe to try to ensure that SMEs, the lifeblood of our economies, have access to the working capital they need to survive the pandemic. I am delighted that by combining with one of our fintech peers we will be able to help more companies in the UK secure the vital funding they need to be able to benefit from the economic recovery we are starting to see.“

Anil Stocker, CEO at MarketFinance, commented: “A key part of our strategy is partnering with other fintechs to deliver seamless funding solutions for their customer base. We are very excited to be launching this with Ebury, who have built up a strong brand internationally and who want to improve access to finance for their business customers in this crucial time. We hope this partnership will make it even easier for business owners to find the right finance to help them through this global pandemic.”