The new CBILS lenders include ThinCats, Paragon Bank, Independent Growth Finance and Allied Irish Bank.
Ravi Anand, managing director at ThinCats, commented: “We are delighted that the British Business Bank has approved ThinCats as an accredited lender for CBILS.
“Our initial focus will be on those businesses that we know the best and can therefore help most quickly, which are existing ThinCats borrowers.”
CBILS provides financial support to SMEs across the UK that are losing revenue and seeing cashflow disruptions as a result of the Covid-19 outbreak.
Each lender will be putting in place operations required to start lending under the scheme and will confirm the dates they will start receiving CBILS applications.
More than 80% of the UK’s smaller businesses have a finance relationship with CBILS’ 50-plus accredited lenders.
The British Business Bank is accelerating the pace of onboarding new lenders to further extend the scheme’s reach.
The government has announced that it would be a demand-led programme, providing whatever the market needs; it was originally announced during the Budget that £1bn would be made available through CBILS.
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Keith Morgan, CEO at British Business Bank, said: “Accredited lenders have continued to see an incredible demand for CBILS, so the bank is helping to meet that demand and provide even more choice for smaller businesses by approving additional lenders for accreditation to the scheme.
“The announcement of 14 new lenders for both CBILS and CLBILS [the Coronavirus Large Business Interruption Loan Scheme, for businesses with turnover from £45m] means these newly accredited lenders will be able to deploy vital funding and get additional finance flowing to smaller businesses across the UK as quickly as possible.”
Business secretary, Alok Sharma, added: “These loans are an essential part of the wide-ranging package of support the government has put in place to help UK businesses.
“I am delighted to see more lenders offering loans which will, in turn, help even more businesses access the funds they need.”
The British Business Bank continues to review 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.
In addition, 10 lenders have been accredited to provide term loans and/or overdrafts.
These are Bank of Scotland, Barclays, Clydesdale Bank & Yorkshire Bank, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander, RBS and Ulster Bank.