British Business Bank accredits more lenders to emergency loan schemes
The British Business Bank has accredited Conister for accreditation to the bounce back loan scheme (BBLS) and the Bank of Ireland (UK) for the coronavirus large business interruption loan scheme (CLBILS).
Conister will join the other 26 BBLS lenders which have been accredited to the 100 per cent government-backed scheme, which offers loans up to £50,000 to smaller businesses hit by Covid-19.
Meanwhile, the Bank of Ireland will provide finance to mid-sized and larger UK businesses with a group turnover of more than £45m that are suffering disruption to their cashflow due to the pandemic.
Read more: Government urged to utilise alternative lenders more for Covid-19 support
The lenders will put in place the operations required to start lending under the schemes and will soon confirm the dates from which they will be ready to start receiving applications.
The British Business Bank said it continues to review applications from a wide range of lender types.
The latest data from the Treasury last week showed that the BBLS has remained the most popular government support scheme, with 1.17 million firms receiving £35.4bn, while 516 companies have accessed £3.5bn through CLBILS.
In total all of the government emergency loan schemes have supported more than 1.23 million businesses.
Yesterday ThinCats called for the government to extend CLBILS from its application deadline of 4 November to Spring 2021.
