Onepm Finance has been approved for accreditation by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS).

Onepm, the AIM listed independent specialist provider of finance facilities to UK SMEs, said it expects to commence lending through the CBILS in May, once it has completed staff training, as well as the required legal and operational approvals with the bank.

More than 80% of the UK’s smaller businesses have a finance relationship with the CBILS’ accredited lenders, the number of which now exceeds 50, with the British Business Bank adding that it is still accelerating the addition of new lenders to further extend the scheme’s reach.

The bank said it is continuing 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.

British Business Bank CEO, Keith Morgan, said: “Our accredited lenders have seen an incredible demand for CBILS since the scheme became available. As a non-bank alternative finance provider, this accreditation means Onepm will be able to further support its smaller business customers and continues the British Business Bank’s long-term support of non-bank lenders to offer more diverse sources of finance.”

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