Western Union accredited as a new lender under the CBILS

By Pavithra R

Western Union, a leader in cross-border, cross-currency money movement and payments, has announced that the firm has been accredited as a lender under the Coronavirus Business Interruption Loan Scheme (CBILS).

Western Union Business Solutions, following approval by the British Business Bank, has put in place the operations required to start lending under CBILS and can now begin receiving applications from existing clients, who meet eligibility requirements.

CBILS, delivered through British Business Bank accredited lenders, is built to support UK smaller businesses (SMEs) to have continued provision of finance during the pandemic. The scheme enables lenders to provide facilities from £50,001 up to £5m to SMEs across the UK who are experiencing deferred or lost revenues, leading to disruptions to their cash flow.

“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. 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,” said David Prendeville, Head of UK FX Sales at Western Union Business Solutions.

Western Union has collaborative relationships with over 7,000 SMEs across a various industries in the UK, offering them cross-border, cross-currency money transfers, and payment services. It’s online digital tool, WU EDGE, enables organisations to manage international payments 24/7 and provides access to 200 countries and territories and more than 130 currencies. Western Union Business Solutions, under Western Union International Bank GmbH, will allow term loans to existing customers at competitive interest rates under CBILS.

Recently, Western Union partnered with Banco SEMEAR to expand services in Brazil.

Established since 1851, Western Union is a cross-border, cross-currency money movement and payment provider. According to company data, WU’s network includes over 550,000 retail agent locations offering its branded services in more than 200 countries and territories, with the capability to send money to several accounts.