COVID Business interruption loan scheme (CIBLs) – Funding Circle enter the market
In a queue for a CIBLs Loan?
Most of the mainstream lenders are putting their own customers first in considering whether to grant an emergency CIBLs loan. So are you a with a Bank that is not part of the CIBLs scheme? Are you in a long queue at your own bank? Have you been refused a loan?
New, quicker alternative
The alternatives are about to be given a massive boost. Funding Circle have now been admitted to the CBILs scheme. Funding Circle will be accepting applications via a small number of brokers, probably from late next week. Key Commercial Finance will be one of the accredited firms.
Funding Circle hope for a seven day turnaround on applications, which could be significantly quicker than the high street. Terms are set to be attractive, which will include (for sub £250,000 applications) no personal guarantee requirement.
Support from Key Commercial Finance
Our team at Key have an excellent knowledge of what is required under the CIBLs scheme and will increase your chances of a rapid approval with all lenders, including your own Bank and Funding Circle.
We await further details of the Funding Circle Scheme and a live date. However, if your business needs cash, do not delay. Contact us immediately so we can assess the options for you and build a credible application on your behalf.