Paul Weitzkorn

Funding 365 accredited under CBILS

Funding 365 has announced it has been accredited as a new lender under the Coronavirus Business Interruption Loan Scheme (CBILS) by the British Business Bank.

Under the scheme — which has been extended by the government until 31st January 2021 — the specialist lender will provide unregulated bridging loans of up to 65% LTV for up to 24 months. 

These loans will be secured on a first-charge basis against residential properties in England and Wales.

“CBILS is a lifeline for many SMEs who are experiencing lost or deferred revenues as a result of Covid-19,” said Paul Weitzkorn, director at Funding 365 (pictured above). 

“We’re delighted to have been accredited as a CBILS lender by the British Business Bank and to be able to support UK businesses in navigating their way through the pandemic.”

For approved loans under CBILS, the government will make a business interruption payment to cover the first 12 months of interest payments and any lender-levied charges. 

The borrower remains 100% liable for the debt.

Delivered through British Business Bank-accredited lenders, of which there are over 100, CBILS is designed to support the continued provision of finance to UK SMEs that are losing revenue and seeing their cashflow disrupted as a result of the Covid-19 outbreak. 

To be eligible for a facility under CBILS, an SME must be UK based in its business activity, with annual turnover of no more than £45m. 

It must not be classed as a ‘business in difficulty’ and must have a borrowing proposal which, were it not for the current pandemic, would be considered viable by the lender. 

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