Anne Boden/Starling Bank
Starling dishes out £90m in Bounce Back Loans to SMEs in just over a day
The digital bank currently has made £120m in offers and has added nearly 2,000 new business accounts in the first 24 hours of Bounce Back Loans being offered.
Digital bank Starling has lent out over £90m to SMEs in Bounce Back Loans (BBL), with a total of £120m committed, just a day and a half after opening the scheme.
The BBL Scheme, for which Starling’s applications opened on Monday morning, offers SMEs a 100 per cent government-backed guarantee for loans between £2,000 and £50,000.
As well as dishing out a £90m in loans, Starling revealed that it has attracted nearly 1,900 new business accounts, now including its newly launched sole trader accounts, on Monday alone.
A spokesperson for Starling said: “When we opened our Bounce Back Loan Scheme lending on Monday we had one goal - to quickly bolster our customers' businesses by getting them the funds they need in order to survive."
"With £90 million lent in the first day and a half, we have started as we mean to go on."
Apart from offering government-backed loans, Starling also has other support measures in place to help its customers who are feeling the coronavirus-related pinch on the purse strings.
The bank launched its Coronavirus Support Scheme at the beginning of April 2020 which would allow for customers facing financial hardship to apply for a three-month interest holiday on arranged overdrafts.
Starling Bank also introduced Connected Cards, aimed at self-isolating customers who could order a spare card with a £200 limit to give out to friends and family members helping them buy essential items.