The bank had to build a new lending platform just to accommodate its Bounce Back Loans.
Metro Bank has just become the latest to offer the UK’s SME Bounce Back Loans.
The high street bank will be able to offer SMEs loans from £2,000 up to £50,000 following its accreditation by the British Business Bank today.
A spokesperson for the bank said: “We will use the scheme as widely as we can to support our customers and will let customers know as soon as we’re open for applications.”
“Due to the expected level of demand, when we open for applications we will carefully manage the flow so we can maintain our normal high standard of service.”
The spokesperson also revealed that Metro Bank had to build a whole new online lending platform just to accommodate the new system.
Keith Morgan, CEO of the British Business Bank, added: “As our onboarding continues at pace, accrediting Metro as a new lender will mean that more smaller businesses across the UK will be able to access the finance they need to get through the current pandemic.”
To date, UK banks and non-bank lenders have dished out £27.5bn in government-backed loans, including nearly £18.5bn to 608,000 businesses in just Bounce Back Loans alone.