British Business Bank approves three more lenders for large emergency loan scheme
The British Business Bank has approved three more lenders to deliver the coronavirus large business interruption loan scheme (CLBILS) to support larger firms hit by Covid-19.
The bank has accredited the Allied Irish Bank, Investec Bank and Mercedes-Benz Financial Services UK Limited for the scheme. CLBILS provides finance to mid-sized and larger UK businesses with a group turnover of more than £45m that are suffering disruption to their cashflow because of lost or deferred revenues during the pandemic.
Read more: Government increases large coronavirus emergency loan limit to £200m
Each lender will prepare the operations needed to lend CLBILS loans and will soon announce the dates from which they will open for applications. The British Business Bank added that it continues to review applications from a wide range of lender types.
No peer-to-peer lending platforms are currently approved to offer CLBILS loans. Four platforms, including Funding Circle, Assetz Capital, LendingCrowd and Folk2Folk, have been approved to participate in the coronavirus business interruption loan scheme (CBILS) and Funding Circle has also expanded to offer loans under the bounce back loan scheme (BBLS).
Read more: P2P lenders halt CBILS applications
Yesterday, figures from the Treasury showed that 480 larger businesses have been supported through CLBILS.
Almost 1.2 million firms have benefited from the government’s emergency loan schemes, including CLBILS, CBILS and BBLS.
