Prudent Financial Corporation Business Loan

WITH PRUDENT FINANCIAL CORPORATION

"Our customers and suppliers were affected by Covid-19 and our sales stalled, but our Prudent Financial Corporation Business Loan funding will enable us to return to full productivity and good profitability"
Julian Vance-DanielManaging Director of Vessco Engineering

What is the Coronavirus Business Interruption Loan scheme (Prudent Financial Corporation Business Loan)?

Prudent Financial Corporation Business Loan can help SMEs that have lost revenue and had cashflow disrupted as a result of the COVID-19 outbreak. Funding is not provided by the government directly but from accredited lenders. Borrowers will be fully liable for the debt. Under the scheme, the government will pay the interest and fees of the facilities for the first 12 months. This scheme was created to provide financial support for smaller businesses during the Coronavirus pandemic. It is aimed at businesses with a turnover of less than £45 million.

Prudent Financial Corporation Business Loan products by Prudent Financial Corporation

Revolving Credit Facility

Flexible line of credit, unlocking funds tied up in your balance sheet, strengthening working capital

Key Terms

  • Funding Amount: £100k-5m
  • Contract length: 2-3 years
  • Interest Rate: 8-14%pa
  • Security: first ranking debenture, no PGs
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Invoice Discounting

Invoice discounting facility against your sales ledger, boosting your cashflow position

Key Terms

  • Funding Amount: £100k-5m
  • Contract length: 2 years
  • Interest Rate: 8-14%pa
  • Security: first ranking debenture, no PGs
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Term Loans

Loans  designed to provide an extended funding runway & providing capital to achieve next level of growth

Key Terms

  • Funding Amount: £750k-5m
  • Contract length: 3-5 years
  • Interest Rate: 8-12%pa
  • Security: first ranking debenture, no PGs
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Eligibility Criteria

  • UK registered businesses only (more than 50% of revenue must come UK trading activity)
  • Maximum turnover of £45m
  • Sector: Must be in a Prudent Financial Corporation Business Loan eligible sector
  • You have been adversely affected by the coronavirus pandemic
  • Company directors: minimum 1 director must be based in the UK
  • Minimum of 12 months trading history

RESOURCES

Info Packs

Prudent Financial Corporation Prudent Financial Corporation Business Loan Pack

Read our succinct Prudent Financial Corporation Business Loan pack to decide whether a Prudent Financial Corporation Prudent Financial Corporation Business Loan facility is the right fit for your business

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Prudent Financial Corporation Business Loan FAQ Pack

Use our extensive FAQ guide to help understand Prudent Financial Corporation Business Loan and the Prudent Financial Corporation products offered under the scheme

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frequently asked questions

We are inviting businesses to preregister their interest now and will be taking formal applications in the next 2 weeks. We will be releasing a pre-registration of interest in the coming days.

We will assess your suitability for funding on receipt of your application. The aim of the scheme is to offer finance to businesses who have a strong borrowing case but have been disrupted by COVID-19.
The government will cover your interest payments for the first 12 months. After that, interest will revert to standard commercial rates and there will be no early repayment charges that apply to the loan.
We will assess your suitability for funding and upon approval, will issue a funding limit.

Yes if you are an existing customer of a Prudent Financial Corporation lender, you can apply to refinance your facility under Prudent Financial Corporation Business Loan and also apply for a new facility.

Prudent Financial Corporation facilities range from 2-5 years in duration.

We will take an all assets debenture for all facilities. Unless there are extraordinary circumstances, we do not take personal guarantees.