Fiduciam expects at least £200m more in COVID-19 loan scheme requests

Fiduciam has revealed that it expects to receive at least another £200m of requests for Coronavirus Business Interruption Loan Scheme (CBILS) loans between now and the new scheme closure date of 30 November.

The institutionally funded short-term lender has already received £430m of loan requests since it became an accredited CBILS lender on 22 July.
 
Delivered through British Business Bank accredited lenders, the CBILS enables lenders to provide facilities of up to £5m to SMEs across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

On Thursday 24 September, the chancellor, Rishi Sunak, extended the scheme by a further two months until 30 November.

Fiduciam indicated that the types of borrowers and businesses applying for CBILS loans are hugely varied, and suggested this demonstrates the need for these loans across the whole spectrum of the economy.

“It is encouraging to see that most of the loan requests are of good quality,” said Fiduciam CEO, Johan Groothaert, commented. “Many SMEs remain cash strapped whilst their business fundamentals are very strong. Whilst central bank initiatives typically do not reach the SME segment, CBILS does, providing these businesses with an opportunity to weather the crisis. 
 
“With the chancellor having extended the deadline for new CBILS applications by two months, we expect to receive a further £200m in requests.”

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