Previse has become the latest SCF provider to be approved by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS). The move comes after Greensill was approved under a similar scheme for larger businesses.
Following their approval, Previse will be putting in place the operations required to start lending under the scheme and will confirm shortly the dates from which they will be ready to start receiving applications from smaller businesses across the UK.
In a statement, Previse said it was, “Proud to be able to play a key role in supporting SMEs using our artificial intelligence technology.”
The company will use its InstantFlow Cash Account to provide SME suppliers with access to cash based on the flow of invoices, POs and payments that come from trading with large corporates. This will be financed using CBILS loans to provide a flexible solution without costs for the first twelve months as a result of a Business Interruption Payments.