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.”
Latest News
-
Average price of new property on market climbs 0.3%
-
Chancellor revives ISA allowance reforms
-
FCA calls on banks to improve romance fraud prevention
-
Titan Wealth agrees acquisition of Blacktower Group
-
GDP increases by 0.3% in three months to August
-
SIPP withdrawal requests jump 33% ahead of Autumn Budget
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories