SME funder Simply is expanding its support for small businesses during the COVID-19 crisis after receiving an increased allocation of funding under the Coronavirus Business Interruption Loan Scheme (CBILS).
Simply is accredited by the British Business Bank as a CBILS lender and can offer asset finance facilities of up to £5 million to UK SMEs experiencing cashflow disruption caused by the pandemic.
Mike Randall (pictured), CEO of Simply, said: “SMEs are the life blood of the UK economy. Their passion to find a way to protect their businesses has been nothing short of heroic and we are proud that we have been able to help by providing funding to them.”
CBILS is managed by the British Business Bank on behalf of the UK government.
Simply, which is majority owned by a Cabot Square Capital fund, launched in 2017, led by a team of industry specialists with a focus on innovation in the finance sector. It now employs around 100 people and has more than 3,500 customers across a variety sectors including manufacturing, construction, transport and recycling.