Four new lenders for accreditation under the coronavirus business interruption loan scheme (CBILS) have been authorised by the British Business Bank to provide funding to businesses affected by Covid-19.
Although the scheme has now been approved for the FSE Group, FW Money, Mercia Asset Management and Whiterock Finance, several peer-to - peer lending platforms also await accreditation. 'Back Our Industry' campaign by Peer2Peer Finance News urges the government to include more P2P lenders in providing emergency aid to small businesses and house builders.
The British Business Bank said it is continuing to review applications from a wide range of lenders and has since the scheme's launch increased the number of lenders delivering CBILS by 90 per cent. The newly approved lenders in the Northern Powerhouse and Midlands Engine regions, as well as Northern Ireland, will be able to provide financial support for smaller companies.
Each lender will implement the operations required to commence lending under the scheme and will soon confirm the dates from which they will be ready to begin receiving CBILS applications. "Since they became available, our approved borrowers have encountered an unprecedented demand for Covid-19 business loan schemes," said Keith Morgan, chief executive of British Business Bank.
"Accrediting these four additional regional finance suppliers ensures more funding for smaller business clients and continues the long-term objective of the British Business Bank to provide more diverse sources of finance to smaller businesses." Last week's Treasury figures show that emergency government support programs have chanelled over £22bn to 505,043 companies, including collectively 40,564 CBILS loans worth £ 7.25bn.
