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
money UK
June 17 2020

British Business Bank approves more lenders to government loan schemes

Michael Lloyd Industry News, News, Top 3 4Syte, Asset Finance Partners, Bounce Back Loan Scheme, British Business Ban, coronavirus business interruption loan scheme, Covid-19, JCB Finance, Keith Morgan, Merchant Money, Sonovate, United Trust Bank

The British Business Bank has approved more lenders to deliver the government’s emergency loan schemes, which support businesses during Covid-19.

The state development bank has approved one new lender for accreditation to the bounce back loan scheme (BBLS), and six new lenders to deliver the coronavirus business interruption loan scheme (CBILS).

Investec will join the other 20 BBLS lenders that have been accredited to the scheme since it opened last month. BBLS offers loans up to £50,000 backed by a 100 per cent government guarantee.

CBILS provides loans of up to £250,000 without personal guarantees to small- and medium-sized enterprises.

The new CBILS lenders comprise 4Syte, Asset Finance Partners, JCB Finance, Merchant Money, Sonovate and United Trust Bank.

Following their approval, each lender will be putting in place the operations required to start lending under the scheme and will soon confirm the dates from which they will be ready to start receiving applications.

Like the previous week, no new P2P lending platforms were approved for government schemes this time.

Read more: MarketFinance v Funding Circle: How their CBILS products compare

“Our accredited lenders continue to see high levels of demand for Covid-19 business loan schemes,” said Keith Morgan, chief executive of the British Business Bank.

“Accrediting these additional 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.”

Read more: British Business Bank names interim chief executive

According to the latest figures from The Treasury, £38.2bn has been delivered to 910,000 businesses through CBILS, BBLS and the coronavirus large business interruption loan scheme.

The British Business Bank said the accelerated accreditation process it has put in place for the coronavirus loan schemes means it has been able to more than double the number of CBILS lenders since the scheme’s launch, increasing the number from 41 to 92.

The bank added that it continues to review applications from a wide range of lender types.

PSSL investment trust could close if Waterfall takeover fails JustUs aiming to reopen secondary market in July

Related Posts

magnifier

Industry News, News, Top 3

Trade association calls for more FCA scrutiny

FOLK2FOLK - Roy Warren MD - head crop (col)

Industry News, News, Top 3

Folk2Folk eyes £100m from institutions as it expands nationally

the acronym fca for Financial Conduct Authority concept represented by wooden letter tiles

Industry News, News, Top 3

FCA to publish initial supervisory work on consumer credit guidance

Popular posts:

  • Chancellor unveils recovery loan scheme
  • Budget outlines plans for £15bn of green bonds in 2021
  • FCA warns The House Crowd investors against using…
  • Government to launch replacement future fund scheme
  • BBB sets out further details on recovery loan scheme
  • Cyan Finance launches IFISA to help investors go green
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