British Business Bank welcomes two new non-bank lenders into the fold.
Business current account Tide has been accredited to the Bounce Back Loan Scheme (BBLS), after shifting its focus from the Coronavirus Business Interruption Loan Scheme (CBILS), while alternative lender Liberis was accredited under the CBILS.
Tide said its rollout of Bounce Back Loans, which are 100 per cent guaranteed by the UK government, would happen slowly with a waiting list and a phased approach for SMEs to apply.
“As Tide has most of the required data, the application process is very lean, primarily limited to the confirmations required by the government. Approval and payout will be instant,” the fintech said.
“It is essential that the government recognise the integral and positive role that the fintech industry can play alongside our high street banks in providing support to our economy,” Tim Levene CEO of Augmentum Fintech, an investor in Tide, told AltFi.
“As the UK’s largest digital SME challenger banking platform, Tide’s later than hoped accreditation to the Bounceback scheme will be welcomed by their 150k+ small businesses many of whom are the engine room of the UK economy.”
The British Business Bank has faced criticism for the speed at which it has onboarded non-bank lenders, after launching the government’s coronavirus lending schemes with a host of largely traditional high street lenders.