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Three new UK lenders accredited to Coronavirus large business interruption loan scheme

Source: British Business Bank

Today the British Business Bank has announced that it has approved Allied Irish Bank (GB)/AIB (NI)[2], Investec Bank plc and Mercedes-Benz Financial Services UK Limited for accreditation under the Coronavirus Large Business Interruption Loan Scheme (CLBILS).

These three new CLBILS lenders will be able to provide finance to midsized and larger UK businesses with a group turnover of more than £45m (the upper limit for the existing smaller-business focused CBILS) that are suffering disruption to their cashflow due to lost or deferred revenues during the Covid-19 outbreak.

Following their approval, each lender will put in place the operations required to start lending under the scheme and will confirm the dates from which they will be ready to start receiving applications from businesses across the UK.

Government published statistics show almost 1.2 million businesses have to date[3] benefitted from loans and guarantees worth £50.69 billion through schemes delivered by the British Business Bank. This includes 1,135,575 Bounce Back Loans worth £34.3 billion, 58,595 facilities worth over £13.1 billion through the Coronavirus Business Interruption Loan Scheme and £3.3 billion through the Coronavirus Large Business Interruption Loan Scheme.

The Bank continues to review applications from a wide range of lender types - from PRA-regulated banks, to platform lenders, debt funds, invoice finance lenders, asset finance lenders and responsible finance lenders.

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