Doing business locks up cash. An InstantFlow Cash Account uses your trading history, purchase orders and invoices to unlock between £50k and £5m when you need it.
Funds that flex with
your trading activity
Autopilot transfers available credit to your business account
12 months free
Interest and fees will be covered by Business Interruption Payments
Coronavirus has put an unprecedented strain on businesses across the country. By working with Previse, you stand to gain immediate access to cash without any cost or long-term ties. I believe it helps ensure that both you and all of our suppliers have the healthiest cash balances possible and can support growth safely and sustainably.
CBILS applications must be submitted by 30 September
How it works
Every day, our AI sets the withdrawal limit for your account, up to an agreed maximum. You can then transfer your cash into your business bank account and use it to run your company.
Your trading (purchase orders, invoices and credit notes along with your history) determines your withdrawal limit. The limit will flex up and down as goods and services go out your door.
Your customer(s) payments come through us and automatically reduce the amount of credit you are using. We pass on any excess when your customer payment arrives.
Payments and withdrawals
Once signed up, we will turn on Autopilot. Autopilot transfers any available cash to your business account, making the whole system as effortless to operate as possible. After all, it’s free for the first twelve months.
You will also be able to turn Autopilot off and manually withdraw your cash.
Fees and interest rates
Thanks to the Coronavirus Business Interruption Loan Scheme (CBILS), the UK Government will pay your InstantFlow Cash Account costs for the first twelve months (through a Business Interruption Payment).
When the Business Interruption Payments end, you will be charged interest on the drawn amount. There are no other admin fees, facility fees or hidden costs.
No extra admin
You deal with your customer(s) the same as today, sending purchase orders, invoices and credit notes directly to their team for processing. With your permission, we get the data from their systems.
Cancel any time
This is not a fixed-term loan, so you only pay for what you use, and you can cancel at any time.
Request your personalised application form link via email
Frequently asked questions
- You fill out an application.
- Our team will review the application and check that you are eligible.
- If your application is eligible, we will email you a set of documents for digital signing. These documents confirm the facility size, set-up the Business Interruption Payment (BIP) and allow us to take a charge over tahe receivables from your customer as security.
- You will need to instruct your customer(s) to settle your invoices to your InstantFlow Cash Account.
- You then gain access to your InstantFlow Cash Account and can start to withdraw funds, with no cost to you.
To open an InstantFlow Cash Account, your business must:
- have one or more customers participating in an InstantFlow Cash Account programme
- have been impacted by the Coronavirus (Covid-19)
- be an SME registered in the UK
- have a turnover of less than £45million per annum
- have at least 50% of your turnover coming from trading or commercial activity in the UK
- need flexible access to between £50,000 and £5m cash depending on the amount of business you are doing with your customers
- have a viable business proposition according to our standard lending criteria
- not be an ‘undertaking in difficulty’ as of 31 December 2019
The following businesses are not eligible:
- Banks, Insurers and Reinsurers (but not insurance brokers);
- public sector bodies and;
- state-funded primary and secondary schools
There is an agreed Credit Limit set that must be between £50,001 and £5m for the Coronavirus Business Interruption Loan Scheme (CBILS) programme. It is based on the amount of business you are doing with your customer(s).
There is a separate Withdrawal Limit for your account which is based on your current trading (purchase orders, invoices and credit notes along with your history). The Withdrawal Limit will flex up and down as goods and services go out your door, so you never have too little or too much. You take funds up to the Withdrawal Limit when you require the working capital.
Yes. This is a working capital credit facility that provides you with access to cash based on the volume of trade you are doing with your customer(s).
Yes. You will need to digitally sign several forms associated with the InstantFlow Cash Account, the Coronavirus Business Interruption Loan Scheme (CBILS) and for your Business Interruption Payments (BIP), but there is no fixed term commitment.
No. As part of our underwriting process, we will conduct a credit check on your business to ensure that you meet our criteria for lending. The search will be recorded for other lenders to see, however it will not have a negative impact on your credit score itself (if your business is relatively new and limited public information exists, it can actually have a positive impact).
Once your InstantFlow Cash Account is set up, nothing else changes. You continue to invoice in exactly the same way you do today. When an invoice is entered on your customers’ system, we will analyse it, calculate its impact on your available funds and then tell you the result. If AutoPilot is switched on, then any available funds will automatically get transferred to your business bank account.
Important: You remain 100% liable for the repayment of any debt associated with your Account.
You can repay funds at any time; however, you won’t usually need to. When we receive money from your customers we use it to decrease your drawn amount and then pay you any excess.
Yes. We partner with your customer(s) to reduce the interest rates you are charged..
Yes. You will need to instruct any customer(s) you nominate to change their payment details. When you open your Account, we will ask you to complete two forms that change who gets paid for your invoices:
- a “Payment Instruction Letter”, and
- a “Revoked Payment Instruction Letter”.
The Payment Instruction Letter asks your customer to pay your invoices to us. When we receive money, we’ll use it to reduce your drawn amount first, and then pay you any excess.
The Revoked Payment Instruction Letter allows us to tell your customer to go back to paying you directly if you close your Account.
If there is a dispute on an invoice, we see the credit note that has been generated and recalculate your Withdrawal Limit.
Our lending is secured, so we can offer you lower-cost borrowing. The security will take the form of a Deed of Charge over your invoices which we will register at Companies House on your behalf. If you have existing charges, you will need to arrange for their release, but only in relation to your invoices with your customers.
No. We only need to take a Charge over the receivables of your customer(s) that are participating in your InstantFlow Cash Account.
We will provide a standard template that you can provide to your bank to request and approve the release of the receivables and/or waiver of any negative pledge relating to each customer that is part of ICA.
Yes. You can have multiple CBILS facilities totalling a maximum of £5m.
You must inform us at the application stage if you have any other CBILS loans.
Unfortunately, you are unlikely to be eligible for an InstantFlow Cash Account if you have a BBLS loan.
You must inform us at the application stage if you have a BBLS loan.
When the BIP ends, you will be charged interest on your drawn balance. We will contact you approximately 3 months before your BIP ends to tell you the interest rate (currently 11% APR).
You can, but only if they are already participating. We use data from their systems to reduce the complexity and cost of providing you with an InstantFlow Cash Account.
If you have any customers you would like to participate, then contact us and we will give you some literature to give to them.
Your data is transferred using industry-standard 256-bit TLS encryption technology. Your InstantFlow Cash Account is hosted within an EU-based data centre, configured with multiple firewalls and network intrusion detection technology. Our business is ISO 27001 certified for data security.
No data will be shared without your consent.
You can inform us that you wish to close your Account at any time. We will agree a time limit to repay any drawn balance, and your Account will close once it has been settled in full.
If you are experiencing financial difficulties, please contact the Relationship Team who will be able to provide you with support. They can be reached at firstname.lastname@example.org or by calling +44 20 8158 8638 (lines are open Mon-Fri 9am-5pm, calls charged at the national rate).
The InstantFlow Cash Account is designed to minimise the risk of you running into arrears. Your Withdrawal Limit is calculated to consider the cash we expect to receive from your customers. However, Credit Notes will have a negative impact on your Withdrawal Limit and you can be asked to repay the balance.
If you don’t repay a balance when requested, we will record the details with a credit reference agency, which could damage your rating and may make it more difficult for you to obtain credit in the future.
Failure to make your repayments when they fall due may also result in us taking legal proceedings against you, which may result in an enforcement action to recover the monies that you owe.
We always strive to give the best possible service to our customers but if you are not happy, please contact the Relationship Team at email@example.com or by calling +44 20 8158 8638 (lines are open Mon-Fri 9am-5pm, calls charged at the national rate).
Previse is an agent (and servicer) of the lender under the InstantFlow Cash Account (108C Finance Limited) both of which have been accredited by the British Business Bank to deliver support through the CBILS scheme.
We work with SMEs suppliers and their large corporate customers across the UK to analyse over £150bn of invoice spend and provide more efficient forms of working capital finance.
The Coronavirus Business Interruption Loan Scheme (CBILS)
InstantFlow Cash Account
The InstantFlow Cash Account is a revolving credit facility that allows your business to benefit from the Coronavirus Business Interruption Loan Scheme without taking out a fixed-term loan.
CBILS and the British Business Bank
The Coronavirus Business Interruption Loan Scheme (CBILS), delivered through British Business Bank accredited lenders and partners, 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 of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities. Please note that for term loans and overdrafts, the minimum amount a lender can offer under CBILS is £50,001.
Smaller businesses from most sectors can apply for the full amount of the facility. To be eligible for a facility under CBILS, your business must:
- Be UK based, with turnover of no more than £45m per year.
- Have a need which, were it not for the current pandemic, would be considered viable by us
- Self-certify that you have been adversely impacted by the Coronavirus
The following businesses are not eligible:
- Banks, Insurers and Reinsurers (but not insurance brokers);
- public sector bodies and;
- state funded primary and secondary schools.
Up to £5m facility
The maximum value of a facility provided under the scheme is £5m, available on repayment terms of up to six years.
No guarantee fee for SMEs to access the scheme
No fee for smaller businesses.
Interest and fees paid by Government for 12 months
The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees1 , so smaller businesses will benefit from no upfront costs and lower initial repayments. (Fishery, aquaculture and agriculture businesses may not qualify for the full interest and fee payment.)
Finance terms are up to six years for term loans and asset finance facilities. For overdrafts and invoice finance facilities, terms will be up to three years.
Guarantee to the lender
The scheme provides the lender with a government-backed, guarantee against the outstanding facility balance. The borrower always remains 100% liable for the debt.
Principal Private Residence (PPR)
A borrowers/guarantors PPR cannot be taken as security to support a Personal Guarantee or as security for a CBILS- backed facility.
The borrower always remains 100% liable for the debt.
No personal guarantees for facilities under £250k
Personal guarantees of any form cannot be taken under the scheme for any facilities below £250k.
Personal guarantees for facilities above £250k
Personal guarantees may still be required, at a lender’s discretion, but recoveries under these are capped at a maximum of 20% of the outstanding balance of the CBILS facility after the proceeds of business assets have been applied. A Principal Private Residence (PPR) cannot be taken as security to support a personal guarantee or as security for a CBIL backed facility.
For all facilities, including those over £250,000, CBILS can now support lending to smaller businesses even where a lender considers there to be sufficient security, making more smaller businesses eligible to receive the business interruption payment
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS