The British Business Bank has approved two more lenders, Maven Capital Partners and Satago, to participate in the coronavirus business interruption loan scheme (CBILS).
Alternative asset manager Maven Capital Partners, which backs property bond provider Maven Bonds, and cashflow management firm Satago will be able to provide financial support to smaller businesses impacted by the Covid-19 outbreak.
Maven Capital Partners will issue loans from the Midlands Engine Investment Fund, which provides over £250m of investment to boost small- and medium-sized enterprises’ growth in the Midlands, backed by a CBILS guarantee.
The lenders will be putting in place the operations required to start lending under the scheme and will soon confirm when they will be ready to start receiving applications.
“Our accredited lenders continue to see high levels of demand for Covid-19 business loan schemes,” said Keith Morgan, chief executive, 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.”
The British Business Bank has also approved peer-to-peer lending platform Funding Circle to offer bounce back loans. The platform will join the 23 BBLS lenders which have been accredited since the scheme opened.
Last week, two more P2P platforms, LendingCrowd and Folk2Folk, were approved to deliver CBILS.
The bank said it continues to review applications from a wide range of lender types.
New figures from the Treasury have revealed that accredited lenders have provided £45m to businesses through the government’s emergency Covid-19 loan schemes.