Fiduciam accredited for CBILS

Fiduciam has been approved for accreditation by the British Business Bank as a lender under the Coronavirus Business Interruption Loan Scheme (CBILS).

The short-term lender will offer business bridging, refurbishment, permitted development and development loans under the scheme.

Loans will be from £250,000 up to £5m, available in single or multiple drawdowns.

Interest rates and fees are covered by the government for the first year, leaving borrowers with no upfront fees or lower finance costs.

Fiduciam’s standard interest rate levels have been reduced and the CBILS offering comes without early repayment charges or exit fees. 

It has also waived its application fee, allowing borrowers to check eligibility and loan terms without costs.

All loans granted by the lender will need to be secured against property owned by the borrower.

Maximum LTV for properties from which a business is not being traded is 70% for residential and semi-commercial property, and 65% for commercial property.

For trading properties, the maximum LTV is 70% of vacant possession value and 60% of operating value.

Fiduciam’s CBILS offering has a borrowing term of up to three years. 

Existing debt can also be refinanced with a CBILS facility and the same terms will apply to both new and existing customers, subject to certain conditions. 

To be eligible for a facility under CBILS, the borrower’s business activity must be UK-based with a turnover of no more than £45m per year, and have been adversely impacted by the coronavirus.

Johan Groothaert, CEO at Fiduciam (pictured above), said: “As always, where the banks do not lend, we are here to help.

“We fill a gap left by the high street banks, by providing short-term credit to allow SMEs and entrepreneurs to progress their projects to a stage where high street bank financing becomes available or revenues can pay off our loan.  

“During the Covid-19 crisis, we continued to stand by our SMEs and entrepreneurs by advancing new loans. 

“We now want to give them a boost out of this crisis with CBILS and are very proud to have been approved for accreditation by the British Business Bank.”

Leave a comment