Osborne Clarke has advised Liberis in respect of its accreditation on the Government’s Coronavirus Business Interruption Loan Scheme.
FinTech business Liberis is an alternative finance provider which helps its customers (typically retailers) obtain finance by buying a percentage of their future card receivables. Businesses may, for example, sell a percentage of future payments that they run through their card terminals to Liberis. Liberis bases the amounts that it is prepared to fund to its customers based on historic card sales information.
To receive accreditation by the British Business Bank and to participate in the CBILS scheme, Liberis needed to develop a term loan product to mimic, as far as possible, its existing business cash advance product. Osborne Clarke advised Liberis on the formation of this new product and assisted with reviewing the documentation that Liberis signed with the Government to become an accredited lender.
The Osborne Clarke team was led by banking and finance Partner Tom Bussy (Picture), along with Nikki Worden (financial regulation Partner) and Joe Roberts (banking and finance Associate).
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