With the CBILS concluding at the end of September and pre-submitted applications in September being valid until the end of November, Fintechs Ebury and MarketFinance are looking to speed up access by tackling delays that have left UK SMEs without access to finance.
MarketFinance will offer its CBILS loans and revolving credit facilities to Ebury’s UK SME base, both of which are interest-free for the first year.
Companies can apply for a cash injection through a CBILS loan between £50,001 and £150,000 with no fees, interest or repayments for 12 months, while the revolving credit facility goes up to £5 million and works in much the same way as MarketFinance’s selective invoice finance product, with advances secured against outstanding invoices.
Helping businesses benefit from the job retention scheme
Going forward, the two Fintechs are aiming to continue collaborating in the long term, with Ebury continuing to offer MarketFinance’s regular business loans and invoice finance to clients, beyond the end of the CBILS window.
“We have been working with governments throughout Europe to try to ensure that SMEs, the lifeblood of our economies, have access to the working capital they need to survive the pandemic,” said Juan Lobato, CEO of Ebury.
“I am delighted that by combining with one of our Fintech peers we will be able to help more companies in the UK secure the vital funding they need to be able to benefit from the economic recovery we are starting to see.”
Anil Stocker, CEO of MarketFinance, commented: “A key part of our strategy is partnering with other Fintechs to deliver seamless funding solutions for their customer base. We are very excited to be launching this with Ebury, who have built up a strong brand internationally and who want to improve access to finance for their business customers in this crucial time.
“We hope this partnership will make it even easier for business owners to find the right finance to help them through this global pandemic.”
