The British Business Bank has approved six new lenders to its聽 Coronavirus Business Interruption Loan Scheme (CBILS).
New lenders Bibby Financial Services, iwoca, Scania Financial Services, Triodos Bank 海角视频, Ulster Community Investment Trust (UCIT), and Woodsford TradeBridge聽will be able to聽provide financial support to smaller businesses across the 海角视频 that are losing revenue and seeing their cashflow disrupted, as a result of the Covid-19 outbreak.
Following their approval they will each shortly announce when they will start to accept funding applications.
Under CBILS, which is administered by the聽 海角视频 Government's economic development bank, lenders can provide low interest bearing loans, which is waived in the first year, of up to 拢5m for firms whose annual revenues don't exceed 拢45m.
The British Business Bank also administers the Bounce Bank Loan (BBL) scheme, which provides funding of up to 拢50,000 to small firms, as well as the Coronavarius Large Business Interruption Loan Scheme (CLBIL) for larger firms. Funding for that was increased earlier this week from a ceiling 拢50m to 拢200m.
To date all three funds have seen accredited lenders approving 拢22bn in loans to more than 500,000 firms across the 海角视频.
This consists of 拢14.18bn through BBL and 拢7.25bn through CBILS. There aren't breakdown figures for the nations and regions of the 海角视频.
Since launching the number of accredited lenders under CBILS has increased from 41 to 74.
The Development Bank of Wales has yet to hear on its bid to be an accredited CBILS lender, despite submitting an expression of interest back in March.
Chief executive of the British Business Bank, Keith Morgan, said: 鈥淥ur accredited lenders have聽seen an incredible demand for Covid-19 business loan schemes since they became available. Accrediting these six additional finance providers means further support for smaller business customers and continues the British Business Bank鈥檚 long-term objective to offer more diverse sources of finance to smaller businesses.鈥
