06 May 2020
Atom bank continues to support businesses through Coronavirus Business Interruption Loan Scheme (CBILS)
- Atom has been approved for accreditation from the British Business Bank as a CBILS lender
- Atom continues to champion small and medium businesses and offer financial support to those affected by COVID-19
- CBILS Loans are fee and interest free for the first 12 months
Atom, the UK’s number one rated bank on Trustpilot, has today announced that it has been approved for accreditation as a new lender by the British Business Bank to offer secured loans through the Government-backed Coronavirus Business Interruption Lending Scheme (CBILS).
Atom will be offering eligible businesses secured loans from £100,000 up to £5m through the 200+ independent brokers that are registered to work with Atom.
The Coronavirus Business Interruption Loan Scheme, delivered through 60+ British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses (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 cashflow. It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.
For CBILS loans, the Government offers a Business Interruption Payment to cover the first 12 months of interest payments and any lender fees, so smaller businesses can benefit from no upfront costs and lower initial repayments.
Edward Twiddy, Chief Customer Officer at Atom said: “Atom is delighted to be approved for accreditation as a new lender by the British Business Bank to join the Coronavirus Business Interruption Loan Scheme, or CBILS.”
“We offer simple, transparent and very competitively priced secured lending products, and we’ve provided over £250m of these to UK SMEs over the last four years. We look forward to being of help during these unprecedented times.”
Atom are able to offer the secured loans to new and existing customers and businesses are eligible if they:
- are based in the UK;
- have an annual turnover of up to £45 million;
- have a borrowing proposal which shows that Atom would consider your business viable, if it wasn’t for the coronavirus pandemic; and
- are adversely impacted by coronavirus.
SMEs looking for support from Atom should contact one of one of the independent brokers approved on our panel to see if a CBILS secured loan is the right choice for them. You can find more details at https://www.atombank.co.uk/business-loans/.
Note to Editors
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS
About Atom bank
After securing its banking license in June 2015, Atom bank launched operations in April 2016, offering market-leading Fixed Saver accounts and secured business lending for small and medium-sized enterprises (‘SMEs’). From the start, Atom set out to build a bank designed to meet customer’s needs and optimised for mobile technologies.
Atom launched its first mobile mortgage product in December 2016 and has taken £1.8bn in deposits and lent over £2.4bn to small businesses and homeowners to date. Atom was also named Best Online Best Lender at the What Mortgage Awards, voted by customers two years in a row. Since launch Atom has raised just over £450m of equity capital through the support of private and institutional investors, including BBVA and Toscafund Asset Management.
Atom’s purpose is to change banking, creating a disruptive and digital bank whilst keeping costs low and passing back the value to its customers. This strategy is working. Atom’s the UK’s most trusted bank on Trustpilot with 97% of customers saying that they would recommend Atom on Reevoo. Recently Atom was awarded £10million by the BCR to drive much needed competition in business banking, fighting off 76 other submissions.
At the heart of the bank is the app, with a 24/7 support team on hand to help with any customer queries through phone, chat, email and social media. This team is part of a community of 420 working at their Durham HQ, with a small satellite office in London hosting another dozen or so members of the family.
Atom is an engaged and active part of the North East Community and in 2017 announced a four year STEM partnership with the Prince’s Trust in North East England. Atom was listed in the top 20 places to work in the North East by the Newcastle Chronicle.
The Atom executive team are highly experienced, having built and run some of the most well-respected banks in the UK. CEO Mark Mullen has 30 years’ experience in the sector and was previously CEO at the multi- award-winning telephone and internet bank first direct. The team are supported by a strong non-exec board, chaired by Bridget Rosewell CBE.