Borrowing money

COVID Business Funder sued for £9m over late loans

By Joanne Faulkner (March 3, 2022, 7:49 p.m. GMT) — Two companies that have signed up to lend money to businesses under the UK government’s COVID-19 recovery program say they owe more than 9 million pounds ($12 million) to their financial partner for late payments.

Orex Consultancy Ltd. and General Subsidiary 2 Ltd., which are part of Cyan Finance, allege in newly released High Court documents that subsidiaries of the Wilton Group were late with “levy claims” after agreeing to finance loans to small businesses. and medium-sized businesses under the Coronavirus Business Interruption Loan Scheme, or CBILS.

Cyan Finance has signed on to be a so-called approved lender after the government announced its plan to lend money…

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