Prestige Funds – dedicated Finance Arranger becomes Accredited by British Business Bank to Provide GBP 200M in Coronavirus Business Interruption Loan Scheme
- Prestige specialist SME lender approved for new CBILs tranche
- CBILs made to UK SMEs under coronavirus scheme managed by the British Business Bank
Nucleus Commercial Finance, one of the specialty lenders which manages several loan portfolios for Prestige Funds, has been accredited by UK government owned British Business Bank as a provider of GBP 200 / USD 270 million in loans under the Coronavirus Business Interruption Loan Scheme (CBILS). This tranche of capital is being provided by two large international investment groups and the Prestige group.
The CBILS is designed to provide financial support to smaller businesses across the UK that are losing revenue or seeing their cash flow disrupted due to the COVID-19 outbreak. The scheme is operated via lenders which meet the British Business Bank’s strict eligibility criteria.
The first 12 months of interest on any facilities under the scheme will be paid by the UK government as a Business Interruption Payment. The first tranche of GBP 100 / USD 135 million was awarded to Nucleus in July 2020 and the second was formalised in December 2020. Nucleus says it plans to lend the additional GBP 100 / USD 135 million before the scheme ends at the end of March 2021. Since Nucleus began its participation in this scheme it has received almost GBP 1 / USD 1.35 billion of new loan enquiries.
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