The British Business Bank has announced the approval of Fiduciam for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS).
 
As a CBILS lender, Fiduciam will be able to provide financial support of up to £5m to smaller businesses across the UK that are losing revenue and seeing their cashflow disrupted as a result of coronavirus.
 
All loans granted by Fiduciam will need to be secured against property owned by the borrower, in line with its own standard lending policy and criteria.

The lender revealed that its maximum loan-to-value (LTV) for properties from which a business is not being traded is 70% for residential and semi-commercial property, and 65% for commercial property. Maximum LTV for trading properties is 70% of vacant possession value, and 60% of operating value.

Fiduciam CEO, Johan Groothaert, commented: “As always, where the banks do not lend, we are here to help. We fill a gap left by the high street banks, by providing short-term credit to allow SMEs and entrepreneurs to progress their projects to a stage where high street bank financing becomes available or revenues can pay off our loan.

“During the COVID-19 crisis we continued to stand by our SMEs and entrepreneurs by advancing new loans. We now want to give them a boost out of this crisis, with the CBILS and are very proud to have been approved for accreditation by the British Business Bank.”

British Business Bank CEO, Keith Morgan, added: “Our accredited lenders continue to see high levels of demand for COVID-19 business loan schemes. Accrediting these additional finance providers means further support for smaller business customers and continues the British Business Bank’s long-term objective to offer more diverse sources of finance to smaller businesses.”

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