We’re pleased to announce that Satago has been accredited by the British Business Bank to provide capital to small businesses under the Coronavirus Business Interruption Loan Scheme (CBILS) via our selective invoice finance facility.
What is CBILS?
CBILS is a government backed scheme which enables financial institutions to lend capital to businesses who have been negatively impacted by the coronavirus. The scheme is designed to encourage lending to small businesses who have seen revenues drop as a result of Covid-19.
In order to be eligible for CBILS a business must:
Be UK based in its business activity, with turnover of no more than £45m per year.
Have a borrowing proposal which, were it not for the current pandemic, would be considered viable by the lender.
Self-certify that it has been adversely impacted by the Coronavirus.
Please note, if a business does not qualify for CBILS, it may still be eligible to access funds through Satago’s standard invoice finance facility.
CBILS and invoice finance
Satago’s invoice finance facility allows businesses to cover cashflow gaps by unlocking working capital from their unpaid invoices. Clients can choose which invoices they want to finance and advance up to 85% of the total with no hidden fees.
If a business has been adversely affected by coronavirus, they can now access CBILS funding through Satago’s invoice finance facility.
How can I access finance through Satago?
Satago connects to 300+ cloud accounting apps and will tell you automatically which of your invoices are eligible for finance and how much cash you can advance.
Rates are as low as 1% per 30 days, with no contract or hidden fees.