New Lenders Accredited to British Business Bank Coronavirus Business Interruption Loan Scheme

New Lenders Accredited to British Business Bank Coronavirus Business Interruption Loan Scheme
19.08.2020 12:33 pm

New Lenders Accredited to British Business Bank Coronavirus Business Interruption Loan Scheme

Covid-19 , Lending

Today the British Business Bank has announced that it has approved BLG Development Finance, Conister, RM Funds and Western Union Business Solutions for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS).

These new CBILS lenders will be able to provide finance to smaller businesses with turnover of up to £45m that are suffering disruption to their cashflow due to lost or deferred revenues during the Covid-19 outbreak.

Following their approval, the lender will put in place the operations required to start lending under the scheme and will confirm the dates from which they will be ready to start receiving applications from businesses across the UK.

Government published statistics show over 1.2 million businesses have to date[1] benefitted from loans and guarantees worth £52.65 billion through schemes delivered by the British Business Bank. This includes 1,174,854 Bounce Back Loans worth over £35 billion, 60,409 facilities worth almost £13.7 billion through the Coronavirus Business Interruption Loan Scheme and 516 facilities worth £3.5 billion through the Coronavirus Large Business Interruption Loan Scheme.

The Bank continues to review applications from a wide range of lender types – from PRA-regulated banks, to platform lenders, debt funds, invoice finance lenders, asset finance lenders and responsible finance lenders.

Related News

Glassdoor Names Sage’s Steve Hare as Highest Rated CEO in the UK During COVID-19 crisis

Sage, the market leader in cloud business management solutions, announced today that Steve Hare, CEO, has been recognised by Glassdoor for... Read more »

Unified Commerce Pays as Multi-Channel Retailers Sweep Up Home-bound Shoppers

New data released today by Adyen, the global payments platform of choice for many of the world’s leading companies, underscores the importance of omni-channel... Read more »

FT Survey: 78% Say UK Banks Have “Surprised Themselves” With Their Adaptability During COVID-19

Appian (NASDAQ: APPN) today published survey results examining the response of the UK banking sector to the coronavirus pandemic, revealing that nearly three-... Read more »

Increased Contactless Spending Could Be Linked to Higher Fraud and Payment Disputes, Warns Global Risk Expert

Monica Eaton-Cardone, COO and Co-Founder of merchant dispute specialist, Chargebacks911, and its revolutionary new financial institution brand, Fi911, warns of... Read more »

Reimagining Digital Identity after COVID-19 for FI 3.0' Webinar

In the age of social distancing, being extremely online is the new norm.

The entire financial ecosystem is being rocked as banks and credit unions around the world, deal... Read more »

Xero Updates Starter Plan to Support Sole Traders Amidst COVID-19

Xero, the global small business platform, today announced that it is increasing the limits on its Starter plan, alongside improving the functionality of... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel