The British Business Bank has announced it has approved nine new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS), bringing the total number of CBILS lenders over 60.
The new lenders include Assetz Capital, Atom bank, Ebury, Fleximize, Investec, Social Investment Business, Tower Leasing, Ultimate Finance and White Oak UK.
Accredited lenders are able to provide financial support under the CBILS to smaller businesses across the UK that are losing revenue and seeing their cashflow disrupted, as a result of the Covid-19 pandemic.
The British Business Bank suggested the latest addition of alternative finance lenders has increased the diversity of providers available to smaller businesses across the UK. Since the CBILS launched, the Bank has announced 22 new delivery partners to join the original 41 lenders, an increase of 54%.
Following their approval, each lender will put the required operations in place to start lending under the scheme, and the Bank indicated they would soon confirm the dates on which they will be ready to start receiving CBILS applications.
British Business Bank CEO, Keith Morgan, commented: “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.
“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.”
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