The British Business Bank has accredited four more lenders to the coronavirus business interruption loan scheme (CBILS) ahead of the 30 September application deadline.
The bank has approved BLG Development Finance, Conister, RM Funds and Western Union Business Solutions for accreditation under the emergency loan scheme, which comes with a government guarantee on 80 per cent of the loan value. These lenders will provide finance to smaller businesses with turnover of up to £45m that are suffering disruption to their cashflow due to Covid-19.
Each lender will prepare 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.
The bank said it continues to review applications from a wide range of lender types.
The British Business Bank has given firms an extra two months to process and approve CBILS applications. The scheme was due to end on 30 September but the bank has given accredited lenders to 30 November to consider applications received by the September deadline.
Recent figures from the Treasury showed that the government’s emergency loan schemes have supported 1.23 million businesses in total.
1.17 million firms have received £35.4bn through the bounce back loan scheme, 60,409 companies have had approvals for CBILS worth £13.6bn and 516 borrowers have accessed £3.5bn through the coronavirus large business interruption loan scheme.