British Business Bank approves two new lenders under CBILS & CLBILS

Source: IBS Intelligence 2020-07-16

The British Business Bank announced that it has accredited two new lenders under the CBILS and CLBILS scheme. It stated that Bank of India has received accreditation under the CBILS scheme while Silicon Valley has been approved as a lender under the CLBILS scheme.

This development will allow Bank of India to offer financial support to UK SMBs that are facing revenue loss and cashflow disruption, owing to the COVID-19 pandemic. Silicon Valley Bank, under the CLBILS scheme, will be able to provide finance to midsized and larger UK businesses that have a group turnover of more than £45 million and are suffering disruption to their cash flow due to lost or deferred revenues. Recently, the Bank approved eleven new lenders under CBILS, CLBILS & BBLS.

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.

British Business Bank

British Business Bank approves two new lenders under CBILS & CLBILS

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