Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
Loan
March 24 2020

P2P lenders hope to meet coronavirus loans criteria

Marc Shoffman Industry News, News, Top 3 British Business Bank, Ratesetter, Rhydian Lewis

Peer-to-peer lenders are looking at ways they can help deliver coronavirus interruption business loans, but it is unclear if they would be accepted as partners.

The British Business Bank (BBB) has said that any lenders can apply to be accredited to provide the loans under the scheme as long as they can meet the criteria, but it is initially focusing on getting existing partners setup.

Peer2Peer Finance News is aware of several major P2P lenders that are looking at ways they can be involved. One is RateSetter.

Read more: P2P lenders await coronavirus loans clarity

Read more: How are P2P lenders responding to the coronavirus pandemic

“RateSetter does business lending in its own verticals such as property and asset finance and we are open to looking at the coronavirus loans,” said Rhydian Lewis, chief executive of RateSetter.

The current application guidance to become an accredited BBB lender under the scheme is loosely based on the enterprise guarantee loans and explicitly excludes P2P lenders.

However, Lewis suggested the current environment could override this.

A spokesman for BBB confirmed reports in The Times, which quoted chief executive Keith Morgan as saying the next step is to widen distribution.

“The priority has been to get the scheme up and running with existing partners,” a BBB spokesman said.

“We have an accreditation process for which people have to meet the criteria.”

There are already 40 accredited BBB lenders, including both banking and other alternative lenders.

Firms must meet certain requirements such as having a strong track record and sufficient capacity to assess and fund loans.

Read more: P2P platforms vow to help SMEs amid coronavirus concerns

Bank of England urged to channel emergency funds through P2P lenders Government asked to extend loan guarantee scheme to alternative lenders

Related Posts

CLOSED Out of business shop sign vector illustration

Industry News, News, Top 3, Uncategorized

SME lender warns many companies will not survive

London, UK - Downing street offices, entrance gate

Industry News, News, Top 3

Government responds to P2P fraud query

Neil Faulkner, 4thWay

Features, Top 3

The risk hunter: 4th Way’s Neil Faulkner

Popular posts:

  • MP queries level of fraud in P2P lending
  • Aave launches higher risk, higher return option for…
  • Some firms set to pay more than maximum CBILS interest rate
  • Growth Street to return 100pc of investor funds
  • A year in the life of the 36H Group
  • Investors urged to look at ISA options ahead of…
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by