Folk2Folk approved to deliver CBILS

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Folk2Folk has been approved for accreditation by the British Business Bank as a lender under the Coronavirus Business Interruption Loan Scheme (CBILS).

CBILS, delivered through British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5 million to SMEs across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

Folk2Folk will soon be able to accept CBILS applications and will initially focus on its existing borrowers but intends to expand this to accept new enquiries in due course.

Louis Mathers, co-founder and director of the Launceston-based lender, said: “I am very proud that Folk2Folk has been approved for accreditation by the British Business Bank. As a Cornish business launched seven years ago, this accreditation to deliver CBILS cements Folk2Folk’s position within the financial landscape.

“As the originator of The Local Lending Movement, Folk2Folk’s purpose has always been to support Britain’s local and rural businesses. Throughout the pandemic we have continued to lend to businesses and play a vital role in helping to keep the economy moving. Our CBILS accreditation will help us increase the support we are able to give.”

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