The British Business Bank has accredited Kingsway Asset Finance (KAF) Ltd as a new lender for the Coronavirus Business Interruption Loan Scheme (CBILS).

A Praeture Asset Finance Group company, KAF will offer CBILS term loan funding from £50,001 to £150,000 over two to five years, with no interest, fees or capital repayments in the first year.

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The firm will be accepting applications for the CBILS proposition from both new and existing SME customers, referred by a panel of approved broker and intermediary partners.

Kingsway Asset Finance sales director, Mike Day, commented: “At Kingsway we have a long history of supporting the borrowing requirements of the UK SME market. Now as an accredited non-bank lender, under the government-backed CBILS initiative, we look forward to providing qualifying businesses with the much-needed support they require during these testing times, via our panel of selected intermediaries”.

Research from McKinsey highlights the immense effect of the pandemic on SMEs, which account for 50% of the total revenue generated by UK businesses and 44% of the country’s labour force.

Insights reveal that 80% of SMEs say their revenues are declining, and with numerous firms expressing concerns about defaulting loans (25%), the ability to retain employees (24%) and sustain supply chains (28%).

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Funding from CBILS, delivered through British Business Bank accredited lenders, aims to support the provision of finance to UK SMEs, mitigating a number of these concerns.

The scheme enables lenders to provide up to £5m to UK SMEs who are struggling with lost or deferred revenues and the subsequent disruption to cash flow.

Peadar O Reilley – CEO of Praeture – which acquired KAF in January 2019, concluded: “This is another important development for the Praetura Asset Finance Group, giving further capability to enhance the range of funding facilities for small and medium-sized businesses in the group’s portfolio. The new CBILS funding facilities are vital to help our customers (both old and new) to stabilise, adapt and diversify”.