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24 Jun 2020 / Loans

CBILS lending now live to support small businesses

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Time Finance is pleased to announce that lending under the Coronavirus Business Interruption Loan Scheme (CBILS) is now live. Working closely with a select panel of the firm’s brokers at this time, Time Finance has now extended access to their CBILS asset finance and loan offering in a bid to support smaller businesses access the funding support they so urgently need.

Since the beginning of the Covid-19 crisis, Time Finance has been working hard to help its customers through this turbulent period through its different lending activities, including Asset Finance, Invoice Finance, Loans and Vehicle Finance. Time Finance has been helping impacted customers by providing tailored support on a case by case basis, including restructuring payments and providing additional facilities. The launch of the CBILS offering is another opportunity for the Group to instil reassurance and confidence back into British business, reaffirming SMEs have financial support them when they need it most.

As an accredited CBILS lender, Time Finance are able to provide finance facilities to eligible businesses across the UK who are experiencing disruptions to their cashflow. Under the scheme, smaller businesses can benefit from no upfront costs, no interest payments for the first 12 months, lower initial repayments and no personal guarantees required.

Ian Smith, CEO at Time Finance, commented: “The Covid-19 pandemic has greatly impacted the British economy and future recovery is dependent on getting millions of small businesses back on their feet as quickly as possible. Non-bank lenders and intermediaries play a key role in making this happen and working collectively in times like this is testament to how we in the business community come together in times of need to support UK businesses. Following our approval for accreditation as a CBILS lending partner, our teams have been working incredibly hard to put in place the processes required to start delivering these finance solutions to SMEs and we are delighted to announce that our lending under the scheme is now live. As we now begin to launch our offering, we are working closely with a select number of broker partners to identify and tailor the support needed to ensure smaller businesses can successfully receive our CBILS funding support and have the cash flow to continue trading in these tough business conditions.”