New lenders accredited to British Business Bank Coronavirus Business Interruption Loan Programs
Today, the British Business Bank announced that it has approved the accreditation of Conister with the Bounce Back Loan Scheme (BBLS) and the Bank of Ireland (UK) for accreditation under the Coronavirus Large Business Interruption. Loan Scheme (CLBILS).
Conister will join the 26 other BBLS lenders who have been accredited since the program opened.
The new CLBILS lenders will be able to provide financing to medium and large UK businesses with a turnover of over £ 45million (the upper limit for existing CBILS focused on small businesses) that experience a disruption of their cash flow due to losses or postponed income during the Covid-19 epidemic.
After their approval, lenders will put in place the necessary operations to start lending under the programs and confirm the dates from which they will be ready to start receiving applications from businesses across the UK.
Statistics released by the government show that more than 1.2 million businesses have so far has received loans and guarantees worth £ 52.7 billion under programs provided by the British Business Bank. This includes 1,174,854 rebound loans worth over £ 35.5 billion, 60,409 facilities worth nearly £ 13.7 billion through the Business Interruption Loan program. of the coronavirus and 516 installations worth £ 3.5 billion via the large business interruption loan program for the coronavirus.
The Bank continues to review applications from a wide range of lender types – from PRA-regulated banks to platform lenders, debt funds, bill finance lenders, asset finance lenders and responsible financial lenders.