MarketFinance gains CBILS accreditation
MarketFinance has become the latest alternative lender to be approved under the coronavirus business interruption loans scheme (CBILS).
It joins Funding Circle and Assetz Capital, with more than 60 banks and non-bank lenders now participating in the scheme.
The British Business Bank also announced that Bank of Ireland UK and Skipton Finance have been added to the 14 lenders offering bounce back loans (BBL).
All lenders accredited under CBILS have also been invited to become accredited to offer BBL loans.
Read more: Industry gives the Bounce Back Loan scheme a wary welcome
The BBB said it is working at pace to accredit those lenders who want to provide lending under the scheme to further extend its reach and provide more choice for smaller businesses.
“Accredited lenders have continued to see an incredible demand for the Covid-19 business loan schemes,” Keith Morgan, chief executive of the BBB, said.
“Since launch, we have grown the total number of accredited lenders to the schemes by more than 50 percent to provide even greater coverage and choice for smaller businesses.
“The announcement of a further six new lenders means they will be able to deploy vital funding and get additional finance flowing to smaller businesses across the UK as quickly as possible.”
MarketFinance also last month repurposed its invoice finance technology to allow small- and medium-sized enterprises (SMEs) to access finance to pay wages, while applying for the government’s coronavirus job retention scheme (CJRS).
