Further to a commitment from the British Business Bank to increase the number of accredited lenders under the Coronavirus Business Interruption Loan Scheme (CBILS), four new lenders have been added. The new lenders are The Co-operative Bank, Cynergy Bank, OakNorth Bank and Starling Bank. In addition, Coutts has been accredited for CBILS as part of the RBS Group’s existing accreditation.
The four new lenders will be busy putting in place internal procedures in order to start lending under CBILS and are expected to announce shortly when they will be ready to receive applications. If you are a customer of any of these banks and would like to access CBILS, we recommend you start preparing information that is likely to be required.
To date, we understand that there have been around 4,200 loans made under CBILS amounting to approximately £800million. Whilst it is encouraging that lending has commenced, much more is needed and we hope that lending will be accelerated through the existing lenders and newly accredited lenders alike.
However, given that banks currently only have the bandwidth to meet the demands of existing customers, additional lenders will need to start lending under CBILS to meet the current and future demand for the scheme. We understand that a number of lenders have applied to be accredited under CBILS and that these are currently being reviewed by the British Business Bank.