As a valued introducer of ours, we felt like we owed you an update on what’s been happening over at Fleximize HQ with our CBILS product.
Ever since our accreditation was announced in early May, we’ve been working tirelessly to get everything in order so we can start to facilitate CBILS loans. We’ve put our heart and soul into creating a streamlined, hassle-free process including integrating brand-new technology to support as many businesses as possible with government-backed funding.
Unfortunately, we’ve made the difficult decision to hold our involvement in the CBILS scheme. Although we can’t offer a CBILS product right now, we may revisit how we can help if there is an extension or replacement product offered by The British Business Bank later in the year.
Until then, we’re focusing our efforts on helping those businesses who are ineligible to apply or are in the 50% who have already been rejected one, two, or three times, or have already had a CBILS/Bounce Back Loan.
As of 12th July, a total of 109,235 applications had been processed for CBILS, with only 54,538 being approved. So, for every approval, there has been a rejection. Many CBILS lenders have had to halt or cancel normal lending, which is heavily limiting the funding options available to SMEs right now.
With this in mind, we will be focusing our efforts on supporting businesses who:
- Have been unable to receive any government funding
- Have had a CBILS loan and now require additional funding
- Have utilised their bounce-back loan
As a token of our appreciation, and for sticking by us, we’re also introducing our ‘2-2-2 pledge’, which means that we’re working even harder than usual to ensure we get your clients the best possible offer that reflects:
✔ 2% average interest rate per month
✔ 2 months’ capital repayment holidays from day one
✔ 2-year average loan term
Plus, you can earn up to 7% commission, allowing you the flexibility to charge your client up to 5% of the loan amount. We will pay you a fixed 2% on every new deal.
As with all of our loans, there are no early repayment fees or penalties, so our facility can be refinanced by a CBILS lender for the capital balance outstanding without any fee.
Keep an eye out for some exciting product announcements in the next few weeks as we’re making some changes to our offering, which we think your clients will love.
If you have any queries at all, please give your account manager a call or drop an email to brokers@fleximize.com.