Fiduciam has been approved for accreditation by the British Business Bank as a lender under the Coronavirus Business Interruption Loan Scheme (CBILS).
CBILS, 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.
Fiduciam will offer business bridge loans, refurbishment loans, permitted development loans and development loans under CBILS.
Loans will be from £250,000 up to £5m under the scheme, available in a single drawdown or multiple drawdowns. Interest rates and fees are covered by the government for the first 12 months, so borrowers benefit from no upfront fees and lower finance costs.
Fiduciam has partnered with Ask Inclusive Finance (AskIf) for quick operational delivery of its CBILS programme.
Johan Groothaert (pictured), CEO of Fiduciam, 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 the Coronavirus Business Interruption Loan Scheme (CBILS) and are very proud to have been approved for accreditation by the British Business Bank.”