The British Business Bank has announced the approval of six new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS), three additional lenders under the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and two for the Bounce Back Loan scheme (BBLS).
Nucleus Commercial Finance, along with Folk2Folk, LendingCrowd, 365 Business Finance, Maxxia, and Handelsbanken, are now accredited CBILS lenders and will be able to provide financial support to smaller businesses across the UK that are having their cashflow disrupted due to Covid-19.
Chirag Shah, CEO at Nucleus Commercial Finance, said: “It’s essential right now that businesses get the finance they need when they need it most, which is why I’m proud that Nucleus Commercial Finance is supporting SMEs through the Coronavirus Business Interruption Loan Scheme.”
Louis Mathers, co-founder and director at Folk2Folk, commented: “Throughout the pandemic, we have continued to lend to businesses and play a vital role in helping to keep the economy moving.
“Our approval for accreditation by the British Business Bank is the next step, broadening out what we can offer businesses and placing Folk2Folk on the financial frontline of support for SMEs.”
Stuart Lunn, founder and CEO at LendingCrowd, added: “In offering CBILS loans, LendingCrowd can play its part in supporting the survival and resurgence of as many SMEs as possible.”
New CLBILS lenders ThinCats, Close Brothers, and HSBC Bank plc — a separate entity from the previously-accredited HSBC UK — will be able to provide finance to midsized and larger UK businesses with a group turnover of more than £45m.
Coutts and Arbuthnot Latham will join the other 21 BBLS lenders who have been accredited since the scheme began.
Each lender will confirm shortly the dates they will be ready to start receiving applications.
Keith Morgan, CEO at the British Business Bank, said: “Our accredited lenders continue to see high levels of demand for Covid-19 business loan schemes.
“Accrediting these additional finance providers means further support for smaller business customers and continues the British Business Bank’s long-term objective to offer more diverse sources of finance to smaller businesses.”
More than one million businesses have to date benefitted from over £42bn in loans and guarantees through schemes delivered by the British Business Bank.
This includes 967,321 BBLS loans totalling £29.5bn, 52,275 loans of over £11bn through CBILS and £2.3bn of CLBILS loans.
Source: Bridging & Commercial, July 01 2020.