Aldermore offers the Coronavirus Business Interruption Loan Scheme to help Invoice Finance SMEs

POSTED: 23rd June 2020
IN: Newsroom

Aldermore, the specialist bank, today confirms it is now offering the Invoice Finance variant of the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS), having been an accredited lender for the Asset Finance variant of the scheme since April.

CBILS provides Aldermore and other accredited lenders with a government-backed guarantee, enabling Aldermore to provide support to both existing and new prospective clients with a top-up to their Invoice Finance facility or a term loan provided in conjunction with an Invoice Finance facility1.

Tim Boag, group managing director, business finance at Aldermore, said: “We are delighted to continue working with the British Business Bank to offer our customers the Invoice Finance variant of this scheme, which will help Aldermore provide further funding to support SMEs build business confidence for recovery and growth during this unparalleled time.

“Small and medium-sized enterprises are the backbone of the UK economy and it is our mission at Aldermore that we do everything we possibly can to help them succeed during this time of uncertainty.” 

Top–Up of Invoice Finance facility:

  • A top-up of their Invoice Finance Facility of up to 30% of gross debtors
  • Maximum 3 year term
  • Maximum top-up, up to £5m

Term loan:

  • Sits alongside the clients invoice finance facility with Aldermore
  • Maximum of up to 6 years
  • Minimum lending amount is £50k
  • Maximum loan up to £5m

SMEs are able to apply for either facility, but not both. The maximum lending for both facilities are subject to the client meeting the eligibility criteria2. The full criteria can be found here: www.aldermore.co.uk/invoice-finance-cbils

**Ends**

Notes to editors

1Both the top-up of the Invoice Finance facility and the term loan can only be provided to businesses using Invoice Finance facilities provided by Aldermore Bank.
2The amount your business may be entitled to depends on the outcome of the application and specific business situation and will be subject to Aldermore eligibility terms and criteria. 

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  • Finance
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