Recruitment finance and technology provider, Sonovate, has been approved for accreditation by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS).
The CBILS, delivered through 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 such as Sonovate 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.
Sonovate will provide additional funding to UK recruitment and consultancy businesses that are suffering from cashflow shortages as a result of Covid-19.
Richard Prime, co-CEO of Sonovate, said: “We have always supported Britain’s start-up and SME community by providing access to the cashflow required to grow and this has never been more important than it is today. The CBILS accreditation will enable us to use our technology and industry expertise to help even more businesses during what is an incredibly challenging time.
“We fully support the British Business Bank’s objective of getting cashflow to the businesses that need it the most and we have set some ambitious targets to release millions in working capital, quickly and efficiently, to recruitment businesses and consultancies in order to support them through this crisis.”
Sonovate is the first dedicated funder to the recruitment and consultancy industry to be approved for accreditation under the CBILS.
Funding will be available from 01 July. To apply for the scheme, please visit: https://www.sonovate.com/cbils/