Lending will consist of Bridging and Residential Development loans of £1m to £5m; Block Discount Finance and Revolving Credit Facilities of at least £1m; and Revolving Credit Facilities, Amortising and Interest Only Term Loans ranging from £500,000 to £5m
Triple Point today announces it has been approved for accreditation by the British Business Bank as a lender under the Coronavirus Business Interruption Loan Scheme (CBILS).
The Coronavirus Business Interruption Loan Scheme, delivered through British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
Since the start of the pandemic, Triple Point has been supporting their portfolio businesses and launched its pre-seed ‘Kick-Start’ initiative to back tech start-ups and other innovative, young UK enterprises facing a difficult economic environment. Triple Point has also increased support for the NHS, to enable the health service to accelerate the procurement and deployment of extra equipment to cope with the ongoing COVID-19 pandemic. Funding has been deployed to bring forward the procurement of ventilators, hospital beds and other essential medical equipment.
The key features of Triple Point’s CBILS
Triple Point’s initial focus will be providing support to clients with existing debt facilities who have been directly impacted by Covid-19. They plan to extend this support to new borrowers in due course. Triple Point’s CBILS lending will be separated into three main categories:
Direct Lending – Business loans from £500,000 to £5m to trading businesses across the UK with more than 4 years of trading history and a record of being profitable and cash-generative prior to Covid-19.
Wholesale Lending – Block Discounting and Revolving Credit Facilities secured on a borrowing base to experienced and profitable lenders.
Property Lending – Bridging and Residential Development loans from £1m to £5m to support experienced property developers with a proven track record to build and/or refurbish quality affordable homes.
Triple Point will continue to support small and medium-sized businesses essential to economic recovery through challenging times. Becoming an accredited CBILS lender will increase the scope of the financial support which Triple Point can offer businesses and reaffirms their commitment to supporting the backbone of the UK economy.
Neil Richards, Partner and Head of Leasing and Lending, Triple Point, commented: “Triple Point is committed to helping business owners find their way through challenging times. As such we are proud to be approved for accreditation as a lender under the Coronavirus Business Interruption Loan Scheme. We are a relationship-based organisation, and we therefore understand the importance of having an open dialogue with and being responsive to borrowers. This ensures that we are a responsible lender providing a more tailored experience as reflected in the broad range of businesses and industries we support.”
