Source: British Business Bank
Today the British Business Bank has announced that it has approved two new lenders for accreditation under the Bounce Bank Loan Scheme.
The scheme is intended to target small and micro businesses in all sectors[1], with loans from £2k up to 25% of the business’ turnover with a maximum loan of £50k.
Bank of Ireland UK and Skipton Business Finance join the existing 14 lenders who have been accredited since the scheme opened last week. They will be able to provide financial support to smaller businesses across the UK that are losing revenue and seeing their cashflow disrupted, as a result of the Covid-19 outbreak.
Additionally, the Bank has announced it has approved four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS). Shawbrook Bank, MarketFinance, Bank Leumi (UK) plc (including Leumi ABL Ltd) and Capital on Tap join the 60+ existing CBILS accredited lenders that already offer the scheme to smaller businesses across the UK.
Following their approval, these new lenders will be putting in place the operations required to start lending under the scheme and will confirm shortly the dates from which they will be ready to start receiving Bounce Back Loan Scheme or CBILS applications from smaller businesses across the UK.
Keith Morgan, CEO, British Business Bank, said: “Accredited lenders have continued to see an incredible demand for the Covid-19 business loan schemes. Since launch, we have grown the total number of accredited lenders to the schemes by more than 50 percent to provide even greater coverage and choice for smaller businesses. The announcement of a further six new lenders means they will be able to deploy vital funding and get additional finance flowing to smaller businesses across the UK as quickly as possible.”
All lenders accredited under the Coronavirus Business Interruption Loan Scheme (CBILS) have been invited to become accredited to offer loans under the terms of the Bounce Back Loan Scheme. The British Business Bank is working at pace to accredit those lenders who want to provide lending under the scheme to further extend its reach and provide more choice for smaller businesses.
The Bounce Back Loan Scheme has previously accredited 14 lenders. These are AIB, Bank of Scotland, Barclays, Clydesdale Bank & Yorkshire Bank, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander, Starling Bank, The Co-operative Bank, TSB, RBS and Ulster Bank.