Assetz Capital chief “fully expects” to take part in CBILS replacement scheme

Assetz Capital’s chief executive has said he “fully expects” his platform will participate in the successor programme to the coronavirus business interruption loan scheme (CBILS).

The peer-to-peer lender was accredited to CBILS in May, enabling it to offer government-backed loans to small- and medium-sized enterprises that need support during the pandemic.

CBILS closes on 30 November 2020, but Chancellor Rishi Sunak announced in September that a new scheme replacing CBILS will begin in January next year.

“We fully expect to be part of it,” said Stuart Law, chief executive of Assetz Capital.

“We’re part of the team helping to put it together.

Read more: Assetz Capital completes £1.5m fundraise using future fund

“That’s going to be great for us and we’re working on something even bigger and better than the CBILS replacement scheme which we can hopefully announce in a few months.

“Lots of detail is going into the new scheme and there has been a good meeting of minds between what the government wants and what alternative finance and the banks can deliver.”

Earlier this month, Assetz Capital secured £25m from the British Business Bank to fund CBILS loans, in addition to £15m committed to the platform in March.

The latest figures from Assetz Capital point to over £100m in CBILS lending.

In mid-September, Assetz Capital said it had approved more than £70m of agreements in principle under CBILS and was hoping to double this before the end of that month.

Fellow CBILS-accredited P2P lender Folk2Folk has also expressed interest in the government’s loan successor scheme.