AFP, a specialist capital provider to UK SMEs operating in the agriculture and energy infrastructure sectors, has been approved for accreditation by the British Business Bank under the government-backed Coronavirus Business Interruption Loan Scheme (CBILS)
The loan scheme, which is delivered through British Business Bank accredited lenders, is designed to support the continued provision of finance to UK SMEs during the COVID-19 outbreak.
The scheme enables lenders to provide facilities of up to £5m to UK SMEs who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
Under CBILS, AFP will offer revolving credit facilities, asset finance and term loans for amounts up to £5 million for terms up to 6 years both to refinance existing debt as well as for net new borrowing. The government will pay interest for borrowers for the first 12 months.
AFP chief operating officer, Steve Shore, commented on the approval: “We are delighted to be able to bring this important service to agriculture and energy infrastructure sectors during these unprecedented and challenging times.
“While agriculture has largely continued as normal in order to bring food to our supermarket shelves, the industry faces the same challenges to revenues and cash flow as any other sector as a result of the knock-on effects of the COVID-19 outbreak.”
Full details on eligibility and how to make an application can be found on their website.