Cynergy and OakNorth approved for accreditation under CBILS

British Business Bank has approved four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS).

The new lenders approved are Cynergy Bank, OakNorth Bank, Starling Bank and The Co-operative Bank.

More than 80% of the UK’s smaller businesses have a finance relationship with the 40-plus existing CBILS-accredited lenders.

The British Business Bank said it was accelerating the onboarding of new lenders to further extend the scheme’s reach and had “significantly” increased the size of its accreditation team to manage the volume of interest.

It is reviewing applications from a wide range of lender types, from PRA-regulated banks to platform lenders, debt funds, invoice and asset finance lenders, and responsible finance providers.

CBILS supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.

Keith Morgan, CEO at British Business Bank, said: “Our accredited lenders have seen an incredible demand for CBILS in the past few weeks.

“These new lenders will be able to deploy vital funding and get additional finance flowing to smaller businesses across the UK as quickly as possible.”

Nick Fahy, CEO at Cynergy Bank, added: “We are delighted to be included in this scheme.

“As a long-time advocate of entrepreneurs, we want to be able to support them through the good and bad times.”

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