By Aisling Finn on Thursday 4 June 2020
The bank is offering government-backed loans specifically to SMEs in the “innovation and life sciences sectors.”
It was revealed yesterday that Silicon Valley Bank (SVB) has joined the ever-growing list of Coronavirus Business Interruption Loan Scheme (CBILS) accredited lenders.
The fintech joins the likes of fellow fintechs including Starling, OakNorth, iwoca and Funding Circle.
A spokesperson for the bank said: “Silicon Valley Bank is delighted to be an accredited lender under CBILS.”
“We’re committed to supporting as many of our clients in the innovation economy as we can through CBILS and through our own regular lending services.”
SVB will offer term loans from between £500,000 and £5m to existing customers specifically operating within the “innovation and life sciences sectors.”
Keith Morgan, CEO of the British Business Bank, said: “Our accredited lenders have seen an incredible demand for Covid-19 business loan schemes since they became available.”
“Accrediting these additional finance providers means further support for smaller business customers and continues the British Business Bank’s long-term objective to offer more diverse sources of finance to smaller businesses,” he added.
To date, over £31bn has been dished out by the UK’s lenders through the various government-backed loan schemes, including nearly £9bn through CBILS alone.
The latest figures released by HM Treasury also show that more than 745,000 businesses have been able to access funds through the schemes.
SVB gained CBILS accreditation alongside Arbuthnot Commercial ABL and Shire Leasing, and JCB Finance has been approved to offer Bounce Back Loans.
23 October 2020
Daniel Lanyon