A group of new lenders have been approved for the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).
The British Business Bank, which runs the initiative, has welcomed BLG Development Finance, Conister, RM Funds and Western Union Business Solutions as accredited lenders.
The quartet of new CBILS lenders will be able to provide finance to smaller businesses with turnovers of up to £45 million and which are suffering disruption to their cash flow due to lost or deferred revenues as a result of the covid-19 outbreak.
Government published statistics show more than 1.2 million businesses have so far benefitted from loans and guarantees worth £52.65 billion through schemes delivered by the British Business Bank.
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This includes more than 1.1 million Bounce Back Loans worth over £35 billion, 60,409 facilities worth almost £13.7 billion through CBILS and 516 facilities worth £3.5 billion through the Coronavirus Large Business Interruption Loan Scheme, open to those with a turnover over £45 million.
The British Business Bank, which was founded in 2014 as the Government’s economic development bank, said it continued to review applications from a wide range of lender types including banks, debt funds and invoice finance lenders.