Pluto Finance has announced that it has been accredited by the British Business Bank as a new lender under the Coronavirus Business Interruption Loan Scheme (CBILS), providing term bridge loans from £3 million + for property developers.
Justin Faiz, Partner at Pluto Finance, comments: “We have been working with British Business Bank over the past six months to put into place the operations required to lend under the CBILS scheme and at the same time have been able to assess and have initiated loan applications for a number of property developers.”
“We are pleased to be able to help businesses continue with their development plans despite the short-term uncertainties raised by the pandemic and there is still time for businesses to submit their applications under CBILS, so we encourage developers to get in touch to discuss their requirements. Although the scheme is due to come to an end on 31st March, all applications submitted before this time are eligible under the criteria set out.”
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 of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.