BOOST&Co is funding loans in the normal course of business but is not able to provide the government’s Coronavirus Business Interruption Loan Scheme (CBILS). Our usual process is four to eight weeks for funding; we recognise that this timeline may not suit most companies at the moment.
If you are looking for a faster decision, we recommend that you visit the British Business Bank’s website for information about the CBILS or contact our funding partner Growth Lending Limited, which can provide receivables financing in a few days.
Coronavirus Business Interruption Loan Scheme
We have received a number of queries about whether BOOST&Co can provide this scheme. Currently, we are not able to do so; this may change in the next few weeks, so please return to our website to check for updates.
The most reliable source of information for companies interested in accessing the CBILS is the British Business Bank’s dedicated webpage, which outlines the qualifying products and eligibility criteria.
The scheme is expected to be available in the week commencing 23 March, with funding likely to follow from 1 April. Applications need to be made via accredited lenders and partners; a list can be found here.
Growth Lending funding options
We recognise that you may have serious concerns as this unprecedented situation unfolds. Our fastest way to provide cash at the moment is via receivables financing.
Our funding partner Growth Lending Limited operates under the brands GapCap Limited, for SMEs needing single invoice financing or invoice financing facilities up to £5m; KX Media (formerly FastPay UK), for media companies requiring invoice financing facilities up to £10m; and BOOST&Co’s accounts receivable product, for SMEs needing financing facilities of up to £15m.
These brands make their own decisions, but they are part of the same group and can all help with access to short-term financing (typically one to two weeks for simple facilities). Please contact Jack Trowbridge to discuss your options.