Nucleus, LendingCrowd and FOLK2FOLK among new CBILS lenders

By Aisling Finn on Wednesday 1 July 2020

Alternative Lending

To date, there are 99 CBILS accredited lenders, 23 Bounce Back loan accredited lenders and 18 CLBILS accredited lenders dishing out government stimulus cash.

Nucleus, LendingCrowd and FOLK2FOLK among new CBILS lenders
Image source: Keith Morgan/British Business Bank

The British Business Bank (BBB) has today revealed 11 new lenders have been accredited under all three government-backed loan schemes.  

LendingCrowd, Nucleus Commercial Finance and Folk2Folk have been accredited under the Coronavirus Business Interruption Loan Scheme (CBILS), joining over 90 other lenders.  

Nucleus Commercial Finance has said it will begin accepting applications from as early as next week and will be taking applications from both customers and third-party brokers.  

Peer-to-peer lending platform Folk2Folk will provide coronavirus-hit SMEs with property-secured loans from £50,001 to £5m to businesses already on its books.  

Louis Mathers, co-founder and director of Folk2Folk, said: “With lock-down conditions now easing, our accreditation is well-timed to help those needing to invest in new ways of operating, considering a new direction or diversifying.”  

Other lenders accredited under the CBILS scheme include 365 Business Finance, Handelsbanken and Maxia.  

Alternative lender ThinCats has been accredited under the Coronavirus Large Business Interruption Loan Scheme (CLBILS) alongside Close Brothers and HSBC Balk plc.  

ThinCats’ CLBILS accreditation makes it the first non-bank lender to join the loan scheme for the UK’s larger businesses.  

The alternative lender was initially accredited under the smaller CBILS programme back in April and will be focussing on businesses already on its books for the scheme’s larger counterpart.  

Keith Morgan, CEO of the British Business Bank, said: “Our accredited lenders continue to see high levels of demand for Covid-19 business loan schemes.”   

“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.”  

Private banks, Coutts and Arbuthnot Latham have gained Bounce Back Loan Scheme (BBLS) accreditation, taking the total accredited lenders to 23.  

To date, over £42bn has been dished out under the government-backed schemes including £30bn to over 967,000 businesses under BBLS.  

Banks and non-bank lenders have dished out £11bn to more than 52,000 businesses through CBILS and £2.3bn under CLBILS to only 359 businesses. 

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