Capital on Tap approved as a lender under CBILS
The British Business Bank has announced that Capital on Tap is now an accredited lender under the Coronavirus Business Interruption Loan Scheme (CBILS).
The CBILS was set up to help UK businesses impacted by the coronavirus pandemic to stay afloat while the country recovers from the implications of the nationwide lockdown. It enables lenders to provide loan facilities of up to £5 million to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions in their cashflow.
Capital on Tap is not yet open for loan applications under the scheme, but is expected to start taking requests in the next couple of weeks. Once it starts lending, the London-based fintech will be offering a revolving credit facility from £50,001 up to £100,000.
The lender has also applied to be accredited under the Bounce Back Loan Scheme, aimed at smaller UK businesses.
David Luck, CEO of Capital on Tap, said: “We are extremely pleased to be approved for accreditation as a lender under CBILS and help as many SMEs as we can that are in need as a result of COVID-19.
“We are primarily targeting those smaller businesses – such as beauty salons, family-run companies and small agencies – who have struggled the most with accessing funds so far during this pandemic. We hope that as an accredited lender, we will be able to help protect the small business economy in the UK.”