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
Approved
August 19 2020

British Business Bank accredits more lenders to CBILS

Michael Lloyd Industry News, News, Top 3 BLG Development Finance, British Business Bank, Conister, coronavirus business interruption loan scheme, RM Funds, Western Union Business Solutions

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.

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

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.

Read more: ThinCats calls for CBILS extension to Spring 2021

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.

Read more: Businesses facing pressure to repay CBILS finance early

Judith Hartley named interim chief of British Business Bank’s commercial subsidiaries ArchOver warns better behaved businesses will benefit after the pandemic

Related Posts

man business analytics and financial Business finances and accounting concept.

Industry News, News, Top 3

ThinCats’ credit processes unchanged despite pandemic

Businessman forecasting a crystal ball

Features, Top 3

Peering into the crystal ball: Industry predictions for 2021

closeup macro fifty euros bankontes background

Global News, Industry News, News, Top 3

EstateGuru reports 50pc rise in annual lending volumes

Popular posts:

  • Government responds to P2P fraud query
  • The alternative lenders accredited for CBILS
  • FCA lumps P2P lending in with higher risk products again
  • 4th Way gives its views on Zopa and Funding Circle returns
  • Funding Circle to offer first and second draw PPP loans
  • SME lender warns many companies will not survive
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