14 new lenders join Coronavirus Business Interruption Loan Schemes

CBILS, delivered through more than 50 lenders, provides facilities of up to £5m to SMEs that are losing revenue and seeing their cashflow disrupted as a result of the Covid-19 outbreak.

The new CBILS lenders are Allied Irish Bank, ThinCats, Paragon Bank and Independent Growth Finance.

Following their approval, 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.

In addition, the Coronavirus Large Business Interruption Loan Scheme (CLBILS), the scheme to provide finance to larger UK businesses with turnover above £45m, has accredited 10 lenders to provide term loans and/or overdrafts. These are Bank of Scotland, Barclays, Clydesdale Bank & Yorkshire Bank, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander, RBS and Ulster Bank.

Keith Morgan, CEO of the British Business Bank, said: “Accredited lenders have continued to see an incredible demand for CBILS, so the Bank is helping to meet that demand and provide even more choice for smaller businesses by approving additional lenders for accreditation to the scheme. The announcement of 14 new lenders for both CBILS and CLBILS means these newly accredited lenders will be able to deploy vital funding and get additional finance flowing to smaller businesses across the UK as quickly as possible.”

Business Secretary, Alok Sharma, added: “These loans are an essential part of the wide-ranging package of support the government has put in place to help UK businesses. I am delighted to see more lenders offering loans which will, in turn, help even more businesses access the funds they need.”