We’re pleased to announce a proud moment in Sonovate’s journey.
Sonovate is proud to announce that we’re the first dedicated funder to the UK recruitment and consultancy industry to be approved for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS).
The Coronavirus Business Interruption Loan Scheme, delivered through 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.
Since CBILs was introduced, over £10bn-worth of CBILS loans (term loans, overdrafts, invoice finance or asset finance) have been made to nearly 50,000 businesses.
Applications are now open for Sonovate’s CBILS invoice finance to fund UK and international:
- Temporary / contract and permanent placements
- Consulting engagements (milestone payments, fees and subscriptions)
Read on to find out more about CBILS, your eligibility and how to apply…
What is the Coronavirus Business Interruption Loan Scheme?
The Coronavirus Business Interruption Loan Scheme (CBILS) is designed to provide financial support for SMEs across the UK 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.
What type of CBILS funding is Sonovate providing?
Invoice finance. CBILS invoice finance works in tandem with Sonovate’s standard invoice finance offering. This means no change to how businesses fund placements or consultancy engagements through their Sonovate account. We continue to collect payment from the end client as normal.
Am I eligible for CBILS?
Sonovate is able to provide CBILS supported invoice funding to businesses that meet the following criteria:
- Is a UK registered business
- Generate over 50% of turnover from UK activity
- Have a turnover of no more than £45m per year
- Funding would have be viable prior to the impact of the Coronavirus
How do I apply for CBILS?
- If you meet the eligibility criteria, please apply here
How long will my application take?
- Up to 14 days. We’ll keep you informed of your application process via a dedicated point of contact.
What if I’m currently using existing Government support?
- You can apply to use Sonovate’s CBILS facility, but would need to refinance the existing state support and provide evidence.
How much funding can I get through the CBILS?
- Up to £5m
How long can I fund through CBILS?
- CBILS is available for 36 months when the facility is granted. The Government will pay the fees you owe to Sonovate on the CBILS funding for 12 months**Fee reclaim: up to 30% of the funded debt through CBILS.
Talk to Sonovate today
Discuss CBILS funding with our team today
Existing customer: 0207 112 4959
New customer: 0207 112 4949