The British Business Bank has announced the approval of four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS).
The new lenders for the scheme have been confirmed as Allied Irish Bank (GB)/AIB (NI), ThinCats, Paragon Bank and IGF (Independent Growth Finance).
The CBILS provides financial support to SMEs across the UK that are losing revenue and seeing their cashflow disrupted as a result of the Covid-19 pandemic.
Following their approval, the British Business Bank said each lender would be putting in place the operations required to start lending under the scheme, and would confirm shortly the dates from which they will be ready to start receiving CBILS applications from smaller businesses across the UK.
To date, more than 80% of the UK’s smaller businesses have a finance relationship with the CBILS’ number of accredited lenders, which now exceeds 50. The British Business Bank also revealed it is “accelerating at pace” to add new lenders and further extend the scheme’s reach.
Furthermore, for the Coronavirus Large Business Interruption Loan Scheme (CLBILS) – the scheme providing finance to mid-sized and larger UK businesses with turnover above £45m – the bank has also accredited 10 lenders to provide term loans or overdrafts. These include Bank of Scotland, Barclays, Clydesdale Bank & Yorkshire Bank, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander, RBS and Ulster Bank.
British Business Bank CEO, Keith Morgan, said: “Accredited lenders have continued to see an incredible demand for the CBILS, so the bank is helping to meet that demand and provide even more choice for smaller businesses by approving additional lenders for accreditation to the scheme.
“The announcement of 14 new lenders for both CBILS and CLBILS means these newly accredited lenders will be able to deploy vital funding and get additional finance flowing to smaller businesses across the UK as quickly as possible.”
Business Secretary, Alok Sharma, added: “These loans are an essential part of the wide-ranging package of support the Government has put in place to help UK businesses. I am delighted to see more lenders offering loans which will, in turn, help even more businesses access the funds they need.”
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