British Business Bank approves new lenders under CBILS & BBLS

Source: IBS Intelligence 2020-06-22

British Business Bank announced that it has approved Investec as a new lender under the Bounce Back Loan Scheme (BBLS). It has also announced six new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS) including 4Syte, Asset Finance Partners, JCB Finance, Merchant Money, Sonovate and United Trust Bank.

Keith Morgan, CEO, British Business Bank, said, “Our accredited lenders continue to see high levels of demand for Covid-19 business loan schemes. 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.”

Each lender will be putting in place the operations required to start lending under the scheme and will confirm the dates from which they will be ready to start receiving applications from smaller businesses across the UK. The Bank has stated that it will continue to review applications from lenders including PRA-regulated banks, to platform lenders, debt funds, invoice finance lenders, asset finance lenders and responsible finance lenders.

Recently, British Business Bank announced the appointment of Catherine Lewis La Torre as the Interim CEO, effective from 1st September 2020. It also approved Paragon Bank as the new lender for accreditation to the Bounce Back Loan Scheme and five new lenders- Growth Lending, inFund, Invocap, NEL Fund Managers and Triple Point under the CBILS.

British Business Bank approves new lenders under CBILS & BBLS

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