Merchant Money office

Merchant Money secures additional funding

Following its recent CBILS accreditation by the British Business Bank (BBB), Merchant Money has now secured funding of up to £50m to assist both new and existing customers across its alternative finance product range, including CBILS loans.

The new funding line, provided by a UK-based specialist credit fund, is the next step for Merchant Money as it accelerates lending via its government-backed CBILS term loans. 

“I’m immensely proud of our team, we’ve worked hard during this incredibly difficult operating environment to become CBILS accredited, and now to secure this new line of funding — it was critical to our business,” commented Merchant Money CEO, Luke Jooste.

Jonathan Stern, chief risk officer at Merchant Money, added: “This funding line means we’re now in a strong position to provide the much needed short-term liquidity that viable businesses need to survive the pandemic and financial fallout that they have faced as a result.

“SMEs are the cornerstone of the economy and, with our help, they will continue to provide jobs and contribute to what we believe will be a sustained economic recovery.”

Merchant Money’s commitment includes all UK SMEs, not just those within its existing book. 

“Every business will have different pressures at different times so we must be ready to support all of them,” stated Danny Girnun, managing director at Merchant Money.

“It’s important that this includes our broker partners too — it’s vital that we work together to help clients access the finance they require.

“I feel that now, with our CBILS loan offering sat alongside our traditional product range and a new funding facility to underpin it, we are ready to fulfil our commitment to support UK SMEs through the pandemic and beyond.” 

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