We are delighted to have been approved for accreditation by the British Business Bank as a lender under the Coronavirus Business Interruption Loan Scheme (CBILS) and will soon be open for CBILS applications.
The Coronavirus Business Interruption Loan Scheme, delivered through 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.
Initially, we will only be accepting CBILS applications from our existing borrowers but we intend to expand this to accept new enquiries in due course.
To date, we have facilitated £360m in business loans, with around £22m being lent during the pandemic (since 1st March). The accreditation will enable us to provide property-secured loans between £50,001 and £5m to SMEs that require financial support due to the coronavirus pandemic.
Louis Mathers, FOLK2FOLK Co-Founder and Director, said: “As the originator of The Local Lending Movement, FOLK2FOLK’s purpose has always been to support Britain’s local and rural businesses. Throughout the pandemic we have continued to lend to businesses and play a vital role in helping to keep the economy moving.
“Our approval for accreditation by the British Business Bank is the next step, broadening out what we can offer businesses and placing FOLK2FOLK on the financial frontline of support for SMEs.
“We will soon be in a position to receive applications and look to quickly help businesses by initially focusing on our existing borrowers. After that, we intend to be able to accept CBILS applications from new borrowers but will announce that in due course.
“With lock-down conditions now easing, our accreditation is well timed to help those needing to invest in new ways of operating, considering a new direction or diversifying. We will make further announcements about making CBILS available to new borrowers in due course.”
Visit our CBILS page to keep up to date with the latest news regarding our CBILS loans.