BCRS Business Loans has gone live with the new Coronavirus Business Interruption Loan Scheme (CBILS) as part of its commitment to supporting businesses in the West Midlands that have been affected by the Covid-19 pandemic.
The alternative lender became a delivery partner for CBILS due to their existing accreditation as a provider under the former Enterprise Finance Guarantee. BCRS is now processing applications for the new scheme.
CBILS is being delivered by the British Business Bank through accredited lenders such as BCRS Business Loans to support the continued provision of finance to smaller businesses (SMEs) during the Covid-19 outbreak.
BCRS will be supporting businesses in the West Midlands that are unable to access finance from traditional lenders, by offering loans from £10,000 to £150,000 with terms up to six years. Under CBILS, interest and lender-levied fees will be paid by the Government for the first 12 months.
Stephen Deakin, Chief Executive at BCRS Business Loans, said: “Now more than ever, we are committed to supporting the needs of businesses right across the West Midlands who are facing unprecedented uncertainty as a result of the Covid-19 pandemic.
“With CBILS, and working in partnership with the British Business Bank, we want to reassure smaller businesses that we are here to help you during this difficult period with additional features that make repayments more affordable for the first 12 months and Government-backed lender guarantees that help us turn a ‘no’ credit decision due to a lack of security into a ‘yes’.
“BCRS has adapted its loan process to ensure it is still conducted quickly and efficiently via email, telephone and virtual meetings to heed social distancing advice from the Government. We believe that no viable business should go unsupported.”
Keith Morgan, Chief Executive, British Business Bank, said: “In this period of exceptional hardship for smaller businesses across the UK, it has been vitally important to get this new scheme up and running as soon as possible. We hope this new scheme will enable lenders to provide the finance smaller UK businesses need, alongside other government measures, to help them survive the current economic disruption.”
Chancellor of the Exchequer, Rishi Sunak said: “We are working round the clock to do whatever it takes to protect our people and businesses. That means that we are not only taking unprecedented action but doing so at unprecedented speed, because we know that businesses and their employees need help now.”
West Midlands based businesses affected by the Coronavirus pandemic should visit www.bcrs.org.uk to discover more about CBILS, check eligibility and submit an online application form.