New lender accredited to British Business Bank CBILS
Today the British Business Bank has announced that it has approved Simply for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS).
This new CBILS lender will be able to provide finance to smaller businesses with turnover of up to £45m that are suffering disruption to their cashflow due to lost or deferred revenues during the Covid-19 outbreak.
Following its approval, the lender will put in place the operations required to start lending under the scheme and will confirm the dates from which it will be ready to start receiving applications from businesses across the UK.
Government published statistics show over 1.2 million businesses have to date benefitted from loans and guarantees worth £51.77BN through schemes delivered by the British Business Bank. This includes 1,157,296 Bounce Back Loans worth almost £35bn, 59,520 facilities worth over £13.4bn through the Coronavirus Business Interruption Loan Scheme and 497 facilities worth £3.4bn through the Coronavirus Large Business Interruption Loan Scheme.
The Bank continues to review applications from a wide range of lender types – from PRA-regulated banks, to platform lenders, debt funds, invoice finance lenders, asset finance lenders and responsible finance lenders.
