Specialist non-bank lender Ultimate Finance has been accredited to offer financing through the Government-backed Coronavirus Business Interruption Loan Scheme (CBILS).

The accreditation will allow Ultimate Finance to provide CBILS term loans of £50,001 to £500,000, alongside invoice finance facilities of up to £5m for both existing clients and new borrowers.

CBILS, delivered through 50-plus British Business Bank accredited lenders, is designed to support the continued provision of finance to UK 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 cash flow.

It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.

The company currently works with more than 2,500 businesses across the UK and expects to be operationally ready to begin taking new applications later in May.

CBILS loans will be provided to new and existing invoice finance clients and will not be offered standalone, with detailed eligibility criteria provided ahead of launch.

Ultimate Finance provided over £1.6bn of funding in 2019.

Josh Levy, chief executive of Ultimate Finance, said: “We see the combination of term loans with invoice finance as a powerful support package for businesses, providing both immediate cashflow help and then the flexible working capital necessary to rebuild as business conditions recover.

“Financial resilience and liquidity are equally as important through survival and recovery, and we are encouraging businesses to plan ahead for the full range of cash flow and working capital challenges as we emerge from this period.”

John Lightfoot, head of client service at Ultimate Finance, said: “We are pleased to have a new mechanism to provide additional funding to our clients through these tough trading conditions and look forward to working with many new businesses to assist them with their survival, recovery and growth.”

Paul Goodman, Chair of the National Association of Commercial Finance Brokers (NACFB) said: “We were delighted to be able to support Josh and the Ultimate Finance team whilst they worked to become CBILS accredited.

“They have a well-established record of partnering with the intermediary community and NACFB’s Members look forward to maintaining this relationship through the Government loan scheme.

“Ultimate’s ability to offer additional funding through CBILS is a welcome addition to the toolkit of support that NACFB members are providing to borrowers across the UK.”