By Aisling Finn on Thursday 10 September 2020
The fintechs have teamed up ahead of the closure of the CBILS programme at the end of this month.
UK fintechs Ebury and MarketFinance have teamed up to deliver government-backed Coronavirus Business Interruption Loan Scheme (CBILS) loans ahead of the September deadline.
The partnership will see MarketFinance offer both its CBILS loans and revolving credit facilities to Ebury’s UK SME customers, and comes just after MarketFinance raised £50m to help bolster its SME loan offering.
CBILS will close to new applications at the end of September, with applications still being approved until the end of November, but there have been whisperings that Chancellor Rishi Sunak might extend the scheme owing to its popularity.
Juan Lobato, CEO of Ebury, said: “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.”
“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.“
SMEs will be able to apply for a CBILS loan worth between £50,001 and £150,000 or a revolving credit facility up to the value of £5m through the collaboration.
“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.”
The two fintechs have said that they plan to work together beyond CBILS, with Ebury continuing to offer MarketFinance’s loans to its SME customers beyond the end of this month.