Capital on Tap approved for accreditation as a lender for CBILS

As COVID-19 continues to impact millions of small businesses across the UK and globe, it is crucial to protect the survival of these companies during the crisis.

The Coronavirus Business Interruption Loan Scheme, delivered through 60+ British Business Bank accredited lenders, 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 of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.

Now approved as an accredited lender, Capital on Tap plans to start lending to small businesses in the next couple of weeks. The FinTech lender has also increased the capacity of its customer service teams to ensure a swift response to any queries. Since its launch in 2012, Capital on Tap has challenged major banks, by offering small businesses a faster and more transparent way to access funds. Before COVID-19, the London-based FinTech would process on average 300 applications per day, offering instant credit decision and same-day access to funds to SMEs all over the UK. With the ability to process thousands of applications per day, the company is also applying for accreditation under the Bounce Back Loan Scheme in order to play a major role in providing vital relief to small businesses.

David Luck, CEO of Capital on Tap, comments: “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. It is greatly important to us to ensure the application process and results are delivered as quickly as possible, knowing how crucial this is to the survival of small businesses. We aim to continue our fast and efficient processing of applications that we have done as a business on a day-to-day basis.”

“We are primarily targeting those smaller businesses – from beauty salons, family-run companies, small agencies – those 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”.