• UK fintechs Ebury and MarketFinance have teamed up to expedite the final stretch of CBILS lending.
  • And the collaboration will be mutually beneficial amid increased UK neobank SMB focus.
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MarketFinance will provide government-backed funds to Ebury’s small- and medium-sized business (SMB) customers, as the Coronavirus Business Interruption Loan Scheme (CBILS) winds down at the end of this month, according to AltFi.

Areas UK SMBs would like the government to focus on over the next five years

Ebury and MarketFinance have teamed up to expedite the CBILS.

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The government-backed scheme allows eligible SMBs to access loans of up to £150,000 ($191,500) and revolving credit facilities up to £5 million ($6.4 million) each. They have until the end of the month to apply and the British Business Bank extended the approval timeline for lenders by two months until November, and

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The Western Union Company, a leader in cross-border, cross-currency money movement and payments, has been accredited as a new lender under the Coronavirus Business Interruption Loan Scheme (CBILS).

Following approval by the British Business Bank, Western Union Business Solutions has put in place the operations required to start lending under CBILS and can start receiving applications from existing clients beginning 19 August 2020, who meet eligibility requirements.

Delivered through British Business Bank accredited lenders, CBILS 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 from £50,001 up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

“We are very aware of the impact that the COVID-19 pandemic has had on small businesses. The CBIL Scheme allows us to

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