/payments

News and resources on payments systems, innovations and initiatives worldwide.

New lenders accredited to British Business Bank Coronavirus Business Interruption Loan Schemes

Today the British Business Bank has announced that it has approved Conister for accreditation to the Bounce Back Loan Scheme (BBLS), and Bank of Ireland (UK) for accreditation under the Coronavirus Large Business Interruption Loan Scheme (CLBILS).

  0 Be the first to comment

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

Conister will join the other 26 BBLS lenders who have been accredited since the scheme opened.

The 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, the lenders will put in place the operations required to start lending under the schemes and will confirm the dates from which they will be ready to start receiving applications from businesses across the UK.

Government published statistics show over 1.2 million businesses have to date[1] benefitted from loans and guarantees worth £52.7 billion through schemes delivered by the British Business Bank. This includes 1,174,854 Bounce Back Loans worth over £35.5 billion, 60,409 facilities worth almost £13.7 billion through the Coronavirus Business Interruption Loan Scheme and 516 facilities worth £3.5 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.

Sponsored [New Whitepaper] PaaS, cloud and instant payments: Navigating the outsourcing question

Related Company

Comments: (0)

[New Report] The Future of European Fintech 2025: A Money20/20 Special EditionFinextra Promoted[New Report] The Future of European Fintech 2025: A Money20/20 Special Edition