Another lender approved under CBILS

Another lender approved under CBILS

1pm has been approved by the British Business Bank to be accredited under the Coronavirus Business Interruption Loan Scheme (CBILS), term loan and asset finance variants.

The SME finance provider expects to begin lending through the scheme this month, once it has completed staff training and the required legal and operational approvals with the bank.

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

Keith Morgan, CEO at the British Business Bank, said: “Our accredited lenders have seen an incredible demand for CBILS since the scheme became available.

“As a non-bank alternative finance provider, this accreditation means 1pm will be able to further support its smaller business customers and continues the British Business Bank’s long-term support of non-bank lenders to offer more diverse sources of finance.”

The British Business Bank continues to review applications from PRA-regulated banks, platform lenders, debt funds, invoice and asset finance lenders, and responsible finance providers.

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