Atom Bank Continues to Support Businesses Through Coronavirus Business Interruption Loan Scheme (CBILS)
- Lending , Banking
- 06.05.2020 09:46 am
Atom, the UK’s number one rated bank on Trustpilot, has today announced that it has been approved for accreditation as a new lender by the British Business Bank to offer secured loans through the Government-backed Coronavirus Business Interruption Lending Scheme (CBILS).
Atom will be offering eligible businesses secured loans from £100,000 up to £5m through the 200+ independent brokers that are registered to work with Atom.
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. It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.
For CBILS loans, the Government offers a Business Interruption Payment to cover the first 12 months of interest payments and any lender fees, so smaller businesses can benefit from no upfront costs and lower initial repayments.
Edward Twiddy, Chief Customer Officer at Atom said: “Atom is delighted to be approved for accreditation as a new lender by the British Business Bank to join the Coronavirus Business Interruption Loan Scheme, or CBILS.”
“We offer simple, transparent and very competitively priced secured lending products, and we’ve provided over £250m of these to UK SMEs over the last four years. We look forward to being of help during these unprecedented times.”
Atom are able to offer the secured loans to new and existing customers and businesses are eligible if they:
- are based in the UK;
- have an annual turnover of up to £45 million;
- have a borrowing proposal which shows that Atom would consider your business viable, if it wasn’t for the coronavirus pandemic; and
- are adversely impacted by coronavirus.
SMEs looking for support from Atom should contact one of one of the independent brokers approved on our panel to see if a CBILS secured loan is the right choice for them.