Cardiff-based recruitment finance and technology provider Sonovate has been accredited to a flagship 海角视频 Government loan scheme for SMEs hit by the economic fallout from the pandemic.
It has been accredited by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS)
The scheme enables lenders, that now total more than 70, to provide low-interest loans of up to 拢5m to smaller 海角视频 firms experiencing cashflow disruptions from lost or deferred revenues.
Sonovate will provide additional funding to 海角视频 recruitment and consultancy businesses suffering from cashflow shortages as a result of Covid-19.
Richard Prime, co-CEO of Sonovate, said: 鈥淲e have always supported Britain鈥檚 start-up and SME community by providing access to the cashflow required to grow and this has never been more important than it is today.
鈥淭he CBILS accreditation will enable us to use our technology and industry expertise to help even more businesses during what is an incredibly challenging time.
鈥淲e fully support the British Business Bank鈥檚 objective of getting cashflow to the businesses that need it the most and we have set some ambitious targets to release millions in working capital, quickly and efficiently, to recruitment businesses and consultancies in order to support them through this crisis.鈥
Sonovate is the first dedicated funder to the recruitment and consultancy industry to be approved for CBILS accreditation.
Earlier this week it was announced that the British Business Bank 鈥 the 海角视频 Government鈥檚 economic development bank 鈥 had rejected a bid by the Development Bank of Wales, which is wholly-owned by the Welsh Government, to becoming an accredited CBILS lender.
It said Treasury guidelines meant bidders must have at least 30% of funding from non-government sources. Apart from 拢10m it manages on behalf of the Clwyd Pension Fund, the Development Bank鈥檚 other funding is provided by the Welsh Government and EU.
Sonovate joins Robert Owen Community Banking, based in Newtown, as the second CBILS provider headquartered in Wales.
To date the accredited lenders under CBILS, which include all the main high-street banks and challenger banks like Metro and Starling, have approved lending of 拢10.1bn to 49,000 firms across the 海角视频.
