By Aisling Finn on Wednesday 13 May 2020
Over 60 banks and non-bank lenders have now been accredited under the government-backed schemes.
The British Business Bank has approved new lenders for accreditation under both the Coronavirus Business Interruption Loan (CBILS) and the Bounce Back Loan (BBL) schemes.
MarketFinance, Capital on Tap, Bank Leumi and Shawbrook Bank have joined over 60 CBILS accredited lenders and the Bank of Ireland UK and Skipton Business Finance can now offer loans under the BBL scheme.
Under CBILS, SMEs can apply for loans from £50,001 to £5m, whereas BBL loans carry a 100 per cent government-backed guarantee and range from £2,000 to £50,000.
Keith Morgan, CEO of the British Business Bank, said: “Accredited lenders have continued to see an incredible demand for the Covid-19 business loan schemes.”
“The announcement of a further six new lenders means they will be able to deploy vital funding and get additional finance flowing to smaller businesses across the UK as quickly as possible,” he added.
Anil Stocker, CEO of MarketFinance, said: “Fintech was born out of the last financial crisis of 2008, and I’m proud that MarketFinance is now one of the platforms playing such a crucial role in channelling funds to UK businesses.”
According to the latest figures, over £5.5bn has been lent out to SMEs in CBILS loans since the start of the crisis, including over £2bn in Bounce Back loans approved in the first 24 hours of the scheme.