Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
Double Exposure Image of Business and Finance - Businessman with report chart up forward to financial profit growth of stock market investment.
February 4 2021

Scaleups urged to apply for CBILS loan as deadline approaches

Michael Lloyd Industry News, News, Top 3 coronavirus business interruption loan scheme, scaleups, Tech Nation

Tech Nation has said that although many scaleups have missed out on the coronavirus business interruption loan scheme (CBILS), now is the time to apply for growth funding under the scheme as the deadline approaches.

The scaleup network said that many companies were excluded from CBILS – which offers loans of up to £5m to firms suffering from the impact of the crisis – due to its original application criteria which ruled out businesses making a loss as of December 2019.

Read more: London, Manchester and Cambridge have the ‘perfect’ tech ecosystems

Tech Nation added that many scaleups also wrongly believed that the scheme exists to help struggling companies survive, rather than push dynamic companies to thrive.

The firm said this myth needs to be dispelled and a CBILS loan can be used for a variety of purposes.

Read more: Fintechs feature heavily in list of best start-ups to work for

“With the extended deadline – 31 March 2021 – fast approaching, it’s time for scaleups to consider why and how they could put this source of growth financing to use,” Tech Nation said in a blog on its website.

“CBILS is a diverse product that can be tailored to help with anything from acquisitions to investment in research and development, or hiring new staff.

“Alternative finance providers…are enabling scaleups to push the limits of what a loan can do.”

Read more: Tech Nation will continue to accept European applicants post-Brexit

Tech Nation said that venture debt can better help scaleups grow as it allows founding teams to retain more equity in their business and is also cheaper, with the equivalent equity investments typically costing three-and-a-half times more.

Vaccine roll-out gives FLA members a boost in confidence UK fintechs are relocating to Lithuania following Brexit

Related Posts

Hand of woman using smartphone on wooden table,Space for text or design.

Industry News, News, Top 3

Zopa exec “very excited” about embedded finance for lenders

open banking concept diagram, api financial technology, fintech

Industry News, News, Open Banking, Top 3

Lending Works COO sets out open banking opportunities

David Bradley Ward Ablrate

Industry News, News, Top 3

ASMX trades over £3.4m in first few months

Popular posts:

  • The House Crowd goes into administration
  • Chancellor unveils recovery loan scheme
  • Budget outlines plans for £15bn of green bonds in 2021
  • Sunak to announce stringent CBILS successor scheme
  • FCA warns The House Crowd investors against using…
  • Cyan Finance launches IFISA to help investors go green
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by