By Oliver Smith on Wednesday 10 June 2020
The British Business Bank has now accredited 16 Coronavirus Large Business Interruption Loan Scheme providers.
The British Business Bank has today announced a raft of new lenders being added to its various coronavirus lending schemes.
Joining the Coronavirus Large Business Interruption Loan Scheme (CLBILS), the lending programme which offers government-backed loans to businesses with turnovers in excess of £45m, are Greensill, Metro Bank, OakNorth Bank and Secure Trust Bank.
There are now 16 CLBILS-accredited lenders, which will hopefully help boost the just £1.57bn which has so far been lent out by the scheme.
Meanwhile several lenders also joined the regular Coronavirus Business Interruption Loan Scheme (CBILS) including Growth Lending, inFund, Invocap, NEL Fund Managers and Triple Point, putting the total at now 86.
And Paragon Bank became the 20th Bounce Back Loan provider, still the most popular of the lending schemes with £23.7bn of 100 per cent government-backed loans being distributed.
“Our accredited lenders have seen an incredible demand for Covid-19 business loan schemes since they became available,” said Keith Morgan, CEO of the British Business Bank.
“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.”