Assetz Capital wins CBILS accreditation

We’re delighted to have been approved for accreditation by British Business Bank as a lender under the Coronavirus Business Interruption Loan Scheme (CBILS).

The Coronavirus Business Interruption Loan Scheme, delivered through 60+ 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.

The accreditation will enable Assetz Capital to provide property-secured term loans between £250k and £5m to small and medium-sized enterprises (SMEs) that require financial support due to the coronavirus pandemic. As soon as we’ve operationalised our lending under the government-backed scheme we will start providing loans to our existing customers, however shortly thereafter we expect to also be in a position to begin to deal with new enquiries.

Under CBILS, the first 12 months of interest on the facility and lender arrangement fees are paid by the UK government as a Business Interruption Payment. This means that businesses will benefit from no upfront lender costs and lower initial repayments.

Both commercial mortgages and property development loans will be available, including a focus on supporting SME house builders.

Stuart Law, CEO at Assetz Capital said: “We are delighted with this accreditation by the British Business Bank and it will help us to carry some of the weight of supporting this country’s great small businesses and house builders in this very difficult time. We are passionate about supporting SMEs and since we founded the company back in 2013, we have been working diligently to help fill the funding gap to those companies.

“As a marketplace lender, we are funded by a portfolio of institutions as well as tens of thousands of retail investors. CBILS, necessarily, will only be funded by institutional investors and these currently include UK and European banks, specialist credit funds and our dedicated institutional investment fund. We look forward to originating and managing these new loans for those institutional investors as the country begins its journey to recovery over coming months.

“Our marketplace model has served our retail and institutional investors well over the last seven years. We now welcome a number of new bank and non-bank institutions who also wish to utilise our nationwide loan origination service and deeply experienced credit and servicing teams to deploy and manage their capital through our CBILS lending. With loan pricing available keener than ever we look forward to helping to lead the way out of this crisis and supporting viable businesses, their staff and in turn their families.”

Visit our dedicated CBILS page for more information.