LONDON–(COMMERCIAL THREAD) – The Western Union Company, a leader in cross-border and cross-currency money movement and payments, has been accredited as a new lender under the Coronavirus Business Interruption Loan Program (CBILS).
Following the approval of the British Business Bank, Western Union Business Solutions has put in place the necessary operations to start lending under CBILS and can start receiving requests from existing customers from August 19, 2020, who fulfill the eligibility conditions.
Provided through lenders accredited by the British Business Bank, CBILS is designed to support the continued provision of finance to UK small businesses (SMEs) during the Covid-19 outbreak. The scheme allows lenders to provide facilities ranging from £ 50,001 to £ 5million to UK small businesses that experience lost or deferred income disrupting their cash flow.
“We are very aware of the impact that the COVID-19 pandemic has had on small businesses. The CBIL program allows us to play our part in helping this crucial part of the economy recover, ”said David Prendeville, UK Currency Sales Manager at Western Union Business Solutions. “We are keen to make our services and experience available to small organizations with this new product as they navigate this difficult time while retaining employees and sustaining the business. ”
Western Union has collaborative relationships with over 7,000 small businesses in various industries across the UK, providing them with cross-border and inter-currency money transfer and payment services. Its digital online tool, WU® EDGE, enables organizations to manage international payments 24/7 and provides access to 200 countries and territories and more than 130 currencies.
Western Union Business Solutions, acting through Western Union International Bank GmbH, will allow term loans to existing customers at competitive interest rates under CBILS.
Existing UK based clients with annual turnover of up to £ 45million can apply for loans for amounts in excess of £ 50,000. These specific CBILS loans will be backed by 80% government support in the event of borrower default or insolvency (although the borrower is still responsible for 100% of the loan). To be eligible, borrowers must demonstrate that their business would be viable without the pandemic and has been affected by the coronavirus. Certain sectors are excluded such as banks, insurers and reinsurers (but not insurance brokers); government agencies and state-funded primary and secondary schools.
Detailed information on CBILS is available on the British Business Bank website – Coronavirus Business Interruption Loan Program (CBILS).
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border and inter-currency money movement and payments. Our omnichannel platform connects the digital and physical worlds and enables consumers and businesses to send and receive money and make payments with speed, ease and reliability. As of June 30, 2020, our network included more than 550,000 points of sale offering our branded services in more than 200 countries and territories, with the ability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2019, is available in over 75 countries, as well as other territories, to move money around the world. With our global reach, Western Union moves money to better connect family, friends and businesses to enable financial inclusion and support economic growth. For more information visit www.westernunion.com.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of and with the financial support of the Secretary of State for Business, Energy and Industrial Strategy (BEIS).