Originally written by Anna Jordan on Small Business
Ebury, one of the largest fintech companies in Europe, has launched a £40m funding package for UK and European small businesses.
The Santander-backed firm has raised the initial £40m help SMEs manage their working capital during the coronavirus crisis. Ebury is hoping to expand this programme into the hundreds of millions in collaboration with governments in the UK and Europe.
This initiative is geared towards SMEs who cannot access the government’s controversial Coronavirus Business Interruption Loan Scheme (CBILS).
>See also: How do I apply for a Coronavirus Business Interruption Loan?
At the moment the firm is approaching government bodies so that it can distribute financial packages in the coming months. The firm is in talks with the British Business Bank to become an accredited CBILS lender, according to Sky News.
Juan Lobato, co-founder of Ebury, said: “Getting finance to UK companies is essential in helping manage the cash flow pressures they are currently experiencing and Ebury is delighted to be offering this financing initiative. Ebury was founded to fill a gap left by the 2008 financial crisis and in this latest crisis it is ideally placed to help the government’s distribution of its financial aid packages to large