The British Business Bank has announced the approval of four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS).
The latest accredited lenders include The FSE Group, FW Capital, Mercia Asset Management and Whiterock Finance.
Each will be able to provide financial support to smaller businesses in the Northern Powerhouse and Midlands Engine regions, as well as Northern Ireland, that are losing revenue and seeing their cashflow disrupted, as a result of coronavirus.
Accreditation will now allow appointed regional fund managers to issue CBILS backed loans from regional funds that include the Northern Powerhouse Investment Fund (NPIF) Debt Funds managed by FW Capital and Mercia Asset Management, the Midlands Engine Investment Fund (MEIF) Debt Fund managed by The FSE Group, and the Northern Ireland Growth Finance Fund managed by Whiterock Finance.
Following their approval, the British Business Bank stated that each lender will be putting in place the operations required to start lending under the scheme and would soon be confirming the dates from which they will be ready to start receiving CBILS applications from smaller businesses across the country.
The accelerated accreditation process that the British Business Bank has put in place for coronavirus schemes means it has been able to increase the number of lenders on the CBILS scheme by 90% since the scheme’s launch, with the latest additions now bringing the total to 78.
British Business Bank CEO, Keith Morgan, said: “Our accredited lenders have seen an incredible demand for COVID-19 business loan schemes since they became available.
“Accrediting these four additional regional 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.”
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