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Specialist bank confirms they are now offering invoice finance

by LLB Reporter
24th Jun 20 6:32 am

Aldermore, the specialist bank confirms it is now offering the Invoice Finance variant of the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS), having been an accredited lender for the Asset Finance variant of the scheme since April.

CBILS provides Aldermore and other accredited lenders with a government-backed guarantee, enabling Aldermore to provide support to both existing and new prospective clients with a top-up to their Invoice Finance facility or a term loan provided in conjunction with an Invoice Finance facility1.

Tim Boag, group managing director, business finance at Aldermore said, “We are delighted to continue working with the British Business Bank to offer our customers the Invoice Finance variant of this scheme, which will help Aldermore provide further funding to support SMEs build business confidence for recovery and growth during this unparalleled time.

“Small and medium-sized enterprises are the backbone of the UK economy and it is our mission at Aldermore that we do everything we possibly can to help them succeed during this time of uncertainty.”

Top–Up of Invoice Finance facility:

  • A top-up of their Invoice Finance Facility of up to 30% of gross debtors
  • Maximum 3 year term
  • Maximum top-up, up to £5m

Term loan:

  • Sits alongside the clients invoice finance facility with Aldermore
  • Maximum of up to 6 years
  • Minimum lending amount is £50k
  • Maximum loan up to £5m

SMEs are able to apply for either facility, but not both. The maximum lending for both facilities are subject to the client meeting the eligibility criteria2.

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