The British Business Bank has announced that it has approved four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS), the government scheme to provide financial support to smaller businesses (SMEs) across the UK that are losing revenue and seeing their cashflow disrupted as a result of the Covid-19 outbreak.
The new lenders announced are:
|AIB Group (UK) plc
|AIB can provide term loands from £10k to £5m to limited companies and partnerships of more than four partners, and £25k to £5m to sole traders and partnerships of three or less partners, across the UK.|
|IGF provides invoice facilities up to £10m to smaller businesses. Through CBILS, IGF can provide term loans between £25k and £500k to sit alongside these invoice finance facilities.|
|Paragon Bank||Term Loans and Asset Finance||Paragon Bank can provide term loans and asset finance facilities up to £250,000 to smaller businesses across the UK.|
|ThinCats||Term Loans||ThinCats can provide term loans from £1m up to £5m to mid-sized businesses across the UK.|
Each lender will be putting in place the operations required to start lending under the scheme and will confirm shortly the dates from which they will be ready to start receiving CBILS applications from smaller businesses across the UK.
The British Business Bank estimates that more than 80% of the UK’s smaller businesses have a finance relationship with the CBILS’ current accredited lenders and is accelerating the onboarding of further new lenders to extend the scheme’s reach.
In addition, the British Business Bank has also accredited ten lenders to provide term loans and/or overdrafts under the Coronavirus Large Business Interruption Loan Scheme (CLBILS), the government’s scheme to provide finance to mid-sized and larger UK businesses with turnover above £45m. These are:
- Bank of Scotland
- Clydesdale Bank & Yorkshire Bank
- Danske Bank
- Lloyds Bank
- Ulster Bank