Ortus Secured Finance accredited to Coronavirus Business Interruption Loan Scheme
By Bridging Loan Directory -
Ortus Secured Finance the short-term lender based in central London with offices in Belfast, Manchester and Glasgow has been accredited as a new lender under the Coronavirus Business Interruption Loan Scheme (CBILS) by the British Business Bank.
CBILS, delivered through British Business Bank accredited lenders, is designed to support UK smaller businesses (SMEs) who have been financially impacted by Covid-19.
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.
Ortus Secured Finance will offer secured term loan facilities from £250,000 for periods of up to 3 years and the Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.
To be eligible for a facility under CBILS, the borrower’s business activity must be UK based with a turnover of no more than £45m per year.
The borrower must have been adversely impacted by the Coronavirus and the purpose of the loan needs to be viable, were it not for the Covid-19 crisis.
Jon Salisbury, pictured, Managing Director, Ortus Secured Finance, says:
“We’re delighted to have been accredited by the British Business Bank as a CBILS lender.
This will allow us to play our part in supporting SME’s across the UK who have genuine funding needs as a result of the pandemic. We would encourage introducers to get in touch to discuss your client’s needs”