Assetz Capital has seen a surge in applications for loans under the coronavirus business interruption loan scheme (CBILS) ahead of the 31 March deadline.
The peer-to-peer lending platform, which in December promised “significant CBILS funding” to support businesses before the scheme ends, told Peer2Peer Finance News it is processing over half a billion in active loan enquiries.
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“We’ve seen a significant surge in CBILS applications ahead of the March deadline as businesses look to take advantage of the government guarantees,” said Stuart Law, chief executive at Assetz Capital.
“Active loan enquiries being processed are well over half a billion.
“From our perspective it’s been a very successful initiative in getting finance to small- and medium-sized enterprises in need, and we will be eager to play a role in any successor scheme too.”
Funding Circle is also thought to be seeing plenty of demand for CBILS loans as the deadline approaches.
The listed firm has not disclosed recent data on CBILS. However, a November trading update revealed that it had approved around £1.85bn and originated around £1.35bn of CBILS loans, representing 24 per cent of the overall CBILS market.