British Business Bank accredits Simply for CBILS

The British Business Bank has approved another lender, Simply, to deliver funds under the coronavirus business interruption loan scheme (CBILS).

Under the government-backed scheme, Simply will provide finance to smaller businesses with a turnover up to £45m that have seen their cashflow disrupted because of lost or deferred revenues during the Covid-19 pandemic.

Simply will prepare for lending under the scheme and will soon announce the dates when it will be ready to receive applications.

The British Business Bank said it continues to approve a wide range of lender types to the emergency loan schemes.

Read more: Businesses facing pressure to repay CBILS finance early

According to figures from the bank, businesses in the construction and retail sector have received the highest portion of funding through government-backed loan schemes since the start of the crisis.

Construction companies have received 17 per cent of all funding under the bounce back loan scheme (BBLS) and 14 per cent of the loans distributed CBILS, while the wholesale and retail sector has taken a 16 per cent share of BBLS and a 19 per cent share of CBILS.

Read more: Starling Bank deployed majority of CBILS loans via Funding Circle

Yesterday data from the Treasury showed that more than 1.2 million businesses have now received support through government-backed Covid-19 lending schemes as of 9 August.

Within this, £34.96bn has been lent under BBLS to 1.15 million firms, £13.4bn to 59,520 companies under CBILS and £3.4bn to 497 firms through the coronavirus large business interruption loan scheme.