LendingCrowd approved for offering CBILs to SMEs
Stuart Lunn: ‘time is of the essence’
LendingCrowd, the Edinburgh-based platform, has been accredited by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS).
The company will be able to distribute UK government-backed loans to SMEs impacted by the Covid-19 pandemic.
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.
LendingCrowd will offer a CBILS product, from £50,001 to £250,000 across either a three or a five-year term. The borrower will have nothing to pay for the first 12 months, giving them vital breathing space to help get their business back on track.
Stuart Lunn, founder and CEO of LendingCrowd, said: “We appreciate the stress and struggle that SMEs are going through and that time is of the essence in providing support.
“We have already spoken to every existing borrower, implemented repayment holidays for qualifying borrowers and changed repayment dates to better suit their cashflow patterns at no cost.
“In offering CBILS, LendingCrowd can play its part in supporting the survival and resurgence of as many SMEs as possible.”