Wirral-based business finance specialist can now apply for the Government-backed business support loans on behalf of eligible businesses

Bathgate Business Finance has been selected as a Funding Circle Coronavirus Business Interruption Loan Scheme (CBILS) partner, allowing it to apply for the Government-backed business support loans on behalf of eligible businesses.

As an approved intermediary, the West Kirby-based finance specialist can make applications for loans up to the value of £250,000, with a guaranteed APR of below 9% and no repayments due for the first 12 months.

The supporting documentation required is considerably less onerous than the information required by banks and the process is expected to be much faster, with decisions typically being made within 24 hours. To be eligible for the loan, businesses must be UK-based with a turnover of less than £45m, with more than 50% of that coming from trading activity, rather than investments.

As well as having been adversely affected by the coronavirus, businesses need to have at least three years trading history and the loan should primarily be taken for business purposes and activity in the UK. 

Gordon Andrews, managing director at Bathgate, said: “The COVID-19 outbreak has taken an enormous financial toll on businesses in the region, across all sectors, and we have seen the impact of the disruption and uncertainty.

“Banks are primarily dealing with applications for loans for existing customers and with the new Bounce Back Scheme, which is limited to a maximum of £50,000 per client, are unsurprisingly inundated with proposals. Funding Circle CBILS provides another option. 

“To ensure that applications are presented correctly and can be dealt with efficiently, Funding Circle has ceased the availability of direct access to their portals from clients and non-approved intermediaries with immediate effect.  

“As an approved intermediary for Funding Circle CBILS we will be able to help SMEs navigate the loan application process quickly and efficiently, by completing the application on their behalf.”

Funding Circle CBILS loans offer an array of benefits, some of which are only available to a limited number of funders, including the 12-month repayment holiday. Other benefits of the loans include:

• Borrow between £10,000 and £250,000.
• Loan period of 2 -to 5 years.
• No repayments for 12 months.
• Government pays interest for the first 12 months. 
• APR less than 9%.
• No personal guarantee required.
• No fee to take out of loan.
• Decision within 24 hours.

Now open for applications from new and existing clients for limited companies only at present, Bathgate Business Finance expects demands to be high and is advising businesses wishing to apply for a loan to ensure they have the correct paperwork ready to ensure a smooth process.

Information required for the application is last two years’ accounts, last six months’ bank statements, basic finance application form and GDPR consent forms. For further information or to apply for the Funding Circle CBILS via Bathgate Business Finance, contact Gordon Andrews at proposals@bathgatebf.co.uk