The Kent firm had previously been offering asset finance including ‘sale and HP back’ loans via CBILS, but has expanded this with the addition of term loans.
The loans run from two-to-five years, with the first 12 months capital- and interest-free.
Compass said that the loans were being delivered by a “faster and simplified application process”, with decisions typically being made within 24 hours.
Director Jamie Nelson said: “New opportunities for business support are becoming available all the time, being able to offer loans that include the first 12-months capital and interest free is a major step forward. The changes in the application process are also a significant improvement, as this has been the cause of much pain to businesses to this point.”
Compass said that to be eligible, firms need to meet these conditions:
- Business must be UK-based and adversely affected by the pandemic
- Turnover of up to £45m
- Three years of trading history
- More than 50% of turnover must come from trading activity
- Loan is for business purposes
- Loan primarily for trading in the UK
Companies cannot receive funding via both CBILS and the recently-announced Bounce Back Loans schemes.
Compass also pointed out that if a business has already applied for, or received CBILS finance from a different source, it was still possible to apply for further support through additional loans or refinancing from Compass Business Finance.
The British Business Bank is now working with more than 60 accredited lenders to deliver Coronavirus Business Interruption Loan Scheme funding.
