Western Union Business Solutions via Western Union International Bank will be able to provide financial support to small UK businesses impacted by the COVID-19 outbreak
The Western Union Company, a leader in cross-border, cross-currency money movement and payments, has been accredited as a new lender under the Coronavirus Business Interruption Loan Scheme (CBILS).
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“We are keen to make our services and experience available to smaller organisations through this new product as they steer through these challenging times while retaining employees and sustaining business.”
Following approval by the British Business Bank, Western Union Business Solutions has put in place the operations required to start lending under CBILS and can start receiving applications from existing clients beginning 19 August 2020, who meet eligibility requirements.
Delivered through British Business Bank accredited lenders, CBILS 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 from £50,001 up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
“We are very aware of the impact that the COVID-19 pandemic has had on small businesses. The CBIL Scheme allows us to play our part in helping this crucial section of the economy to recover,” said David Prendeville, Head of UK FX Sales at Western Union Business Solutions. “We are keen to make our services and experience available to smaller organisations through this new product as they steer through these challenging times while retaining employees and sustaining business.”
Western Union has collaborative relationships with more than 7,000 small businesses across a variety of industries in the UK, offering them cross-border, cross-currency money transfers and payment services. Its online digital tool, WU® EDGE, enables organizations to manage international payments 24/7 and provides access to 200 countries and territories and more than 130 currencies.
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