Nine new lenders approved under coronavirus loan scheme
Investec is among a group of nine lenders that have today been approved for accreditation under the government’s coronavirus business interruption loan scheme (CBILS).
Assetz Capital, Atom bank, Ebury, Fleximize, Investec, Social Investment Business, Tower Leasing, Ultimate Finance and White Oak UK will now be able to provide financial support to small businesses across the UK that have been hit by the Covid-19 crisis.
The new additions, announced today by the British Business Bank, take the total number of approved lenders to more than 60.
Each lender will now put in place the operations required to start lending and will announce the dates from which they are accepting CBILS applications in due course.
“The British Business Bank continues to help meet the incredible demand for CBILS by approving additional lenders for accreditation to the scheme, and provide even more choice for smaller businesses in need as a result of the Covid-19 outbreak,” said Keith Morgan, chief executive of the British Business Bank.
“These nine newly accredited lenders for CBILS will be able to deploy vital funding and get additional finance flowing to smaller businesses across the UK as quickly as possible.”
CBILS is designed to provide loans to businesses with a turnover of up to £45m. As of last week more than 25,000 applications have been accepted with a total value of £4.1bn.
The British Business Bank said it was accelerating the process of adding new lenders to the scheme to ensure companies could choose from a wide range of institutions.
Loans from all lenders will remain 80 per cent guaranteed by the government. Following the launch of the bounce back loan scheme, CBILS loans now start at £50,001.