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More lenders accredited under Coronavirus Business Loan Schemes

The British Business Bank has approved six more lenders for accreditation under its Coronavirus Business Loan Schemes.

The new Coronavirus Business Interruption Loan Scheme (CBILS) lenders are 365 Business Finance, FOLK2FOLK, Handelsbanken, LendingCrowd, Maxxia, and Nucleus Commercial Finance, who will be able to provide financial support to smaller businesses across the UK that are losing revenue and seeing their cashflow disrupted, as a result of the Covid-19 outbreak.

Close Brothers, ThinCats and HSBC Bank plc, a separate entity from the previously-accredited HSBC UK, have been accredited under the under the Coronavirus Large Business Interruption Loan Scheme (CLBILS). They will be able to provide finance to midsized and larger UK businesses with a group turnover of more than £45m (the upper limit for the existing smaller-business focused CBILS).

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Coutts and Arbuthnot Latham will join the other 21 Bounce Back Loan Scheme (BBLS) lenders who have been accredited since the scheme opened.

Keith Morgan, chief executive at 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.”

According to government-published statistics, more than one million businesses have to date benefitted from more than £42bn in loans and guarantees through the British Business Bank’ schemes.

By Stephen Farrell

Source: Insider Media