Today the British Business Bank has announced that it has approved three new lenders for accreditation under the Bounce Bank Loan Scheme. The scheme is intended to target small and micro businesses in all sectors, with loans from £2k up to 25% of the business’ turnover with a maximum loan of £50k.
Allied Irish Bank (GB)/AIB (NI), The Co-operative Bank and Starling Bank join TSB who were also accredited this week. They will be able to provide financial support to smaller businesses across the UK that are losing revenue and seeing their cashflow disrupted, as a result of the Covid-19 outbreak.
Following their approval, these three lenders 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 Bounce Back Loan Scheme applications from smaller businesses across the UK.
All lenders accredited under the Coronavirus Business Interruption Loan Scheme (CBILS) have been invited to become accredited to offer loans under the terms of the Bounce Back Loan Scheme. The British Business Bank is working at pace to accredit those lenders who want to provide lending under the scheme to further extend its reach and provide more choice for smaller businesses.
Keith Morgan, CEO, British Business Bank, said: “There has been incredible demand from smaller businesses for Bounce Back Loans since the scheme launched this week. Onboarding lenders with the capability and means to deliver the scheme rapidly means that more UK smaller businesses will be able to access the finance they need to get through the current pandemic.”
The Bounce Back Loan Scheme has previously accredited 11 lenders. These are Bank of Scotland, Barclays, Clydesdale Bank & Yorkshire Bank, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander, TSB, RBS and Ulster Bank.