Shire Leasing is to offer asset finance and term loans under the Coronavirus Business Interruption Loan Scheme (CBILS) after being approved for accreditation by the British Business Bank, the company reported.

The CBILS facility is designed to support the continued provision of finance to UK smaller businesses during the Covid-19 outbreak and allows lenders to provide facilities of up to £5m to UK SMEs who are experiencing lost or deferred revenues, leading to disruptions to their cash flow.

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Shire Leasing

Shire Leasing, which was established in 1990, has been accredited to support with asset finance (including sale and leaseback/sale and HP back) for advances between £25,000 to £200,000 and term loans from £50,001 to £100,000.

Once the company has established the operations required to start lending under the scheme, their CBILS facilities will initially be available to their existing 66,000-plus customer base, but with a view to new customers, Shire Leasing said in a press release.

Malcolm Workman, chief operating officer of Shire Leasing, said: “Being approved for accreditation under CBILS puts us in a position where we can further aid the UK SMEs that our economy relies on and help businesses to access finance which they might otherwise struggle to obtain”.

Treasury

Lenders have approved £8.9bn in support through CBILS to almost 46,000 businesses. This is an increase of over £750m since data was last published, according to HM Treasury.

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Over £31.3bn has been approved in loans to over 745,000 businesses through the three government-backed schemes (CBILS, BBLS & CLBILS), according to data published.

In the past week, more than £3.8bn in lending has been provided to 94,000 firms through these schemes.