British business bank

10 more lenders accredited for coronavirus business loan schemes

The British Business Bank has approved 10 new lenders for government-backed loan schemes.

Paragon Bank will join 19 Bounce Back Loan Scheme lenders who have been accredited since it started last month.

New Coronavirus Large Business Interruption Loan Scheme (CLBILS) lenders Greensill, Metro Bank, OakNorth Bank and Secure Trust Bank will be able to provide finance to mid- to large-sized businesses with a group turnover of over £45m, that are suffering disruption caused by the pandemic.

In addition, Growth Lending, inFund, Invocap, NEL Fund Manager and Triple point have been accredited as Coronavirus Business Interruption Loan Scheme (CBILS) lenders, focusing on providing financial support to smaller businesses across the UK affected by Covid-19.

Each lender will implement the operations required to start lending under the schemes and will confirm shortly the dates they can start receiving applications.

Keith Morgan, CEO at British Business Bank, said: “Our accredited lenders have seen an incredible demand for Covid-19 business loan schemes since they became available.

“Accrediting these additional finance providers means further support for smaller business customers and continues the British Business Bank’s long-term objective to offer more diverse sources of finance to smaller businesses.”

More than 830,000 businesses have to date benefitted from almost £35bn in loans and guarantees through schemes delivered by the British Business Bank. 

There have been 782,246 Bounce Back Loans totalling £23.7bn, 47,650 loans for over £9.5bn through CBILS and £1.5bn via CLBILS.

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