£32m raised to help growth and expansion in Fintech Liberis
Despite all the uncertainty around the coronavirus pandemic, London-based fintech company Liberis continues to work hard to expand their business and continues to help other small businesses. With other lending providers and banks having pulled the majority of their options for organisations, Liberis continue to push forward, saying it will issue loans between £50,001 and £150,000.
Thanks to this new accreditation to be able to issue this money to businesses under the Coronavirus Business Interruption Loan Scheme (CBILS), many companies who have been facing financial problems, and even ruin, are able to continue to operate with their help.
How did Liberis do it?
Raising a staggering £32 million thanks to an investment from FTV Capital, Liberis chief executive Rob Straathof said, “it means we can continue to onboard new partners, expand our product range and grow our team in order to serve the 50 million small businesses across the US, Europe and the UK with much needed funding.”.
Since its founding in 2007, Liberis has provided over 15,000 small businesses with more than £450m of funding, a scheme which it will still be able to continue with despite the current pandemic.
“We know from our customers that the speed and flexibility of small business finance is essential, particularly when it comes to bridging cashflow in uncertain times”.
What is the Coronavirus Business Interruption Loan Scheme?
Simply put, the CBILS provides financial support to smaller businesses affected by COVID-19. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
It’s a real lifeline for many businesses who have been unable to operate, sell or provide services due to nationwide and local lockdowns.
Providing small businesses with the help they need
Thanks to the fast turnaround of the finances, many small businesses are able to get back up and running and resume operations once again. With livelihoods at stake, this new accreditation gained by Liberis, has been a welcomed by many who need financial support. As long as the criteria is met, the fintech will be able to lend to a company based on their future earnings, which for many will be the only way they’re able to prove their eligibility.
You can only hope that other lending organisations take these steps forward too and that small businesses are not forgotten.