MarketFinance is accredited to lend under the CBILS, providing term loans from £50,001 to £150,000 and revolving credit facilities from £50,001 to £5m to UK SMEs.
Anil Stocker, CEO at MarketFinance, commented: “Only 60,409 CBILS facilities have been approved since the pandemic started, versus 1.2 million Bounce Back Loan approvals.
“This shows there are many businesses who could still benefit from accessing CBILS finance before the scheme ends.”
He added that by lining up additional funding, MarketFinance wanted to send a strong signal to the market that it is “here to help”.
The announcement comes as MarketFinance launches a ‘unified application process’.
- MarketFinance aims to lend £500m in 2020
- Five top tips to help SMEs and advisers beat CBILS application rush
Through this, SMEs will, with one application, be presented with a variety of finance options and be able to select those best suited to their needs.
The business lender can offer a combination of business loans, invoice finance and revolving credit facilities through this single application journey.
Miguel Gibson, MD at tour operator Live Holidays Ltd, commented: “As soon as the lockdown hit, our first priority was to refund our customers.
“The banks were slow to support with CBILS, but MarketFinance understood our business quickly and provided a £150,000 CBILS loan in days.
“We’re a £7m turnover business and this loan has helped to navigate an unprecedented time.”
The CBILS initiative will conclude at the end of September 2020.
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