Fiduciam and BBVA join Covid-19 business lending schemes

New CBILS lender Fiduciam 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.

New CLBILS lender BBVA will be able to provide finance to midsized and larger UK businesses with a group turnover of more than £45m (the upper limit for the existing smaller-business focused CBILS) that are suffering disruption to their cashflow due to lost or deferred revenues during the Covid-19 outbreak.

Government published statistics show more than one million businesses have to date benefitted from loans and guarantees worth £47.9 billion through schemes delivered by the British Business Bank. This includes 1,084,153 Bounce Back Loans worth £32.8 billion, 55,674 loans worth over £12.2 billion through the Coronavirus Business Interruption Loan Scheme and £2.9 billion through the Coronavirus Large Business Interruption Loan Scheme.

Keith Morgan, CEO of the British Business Bank, said: “Our accredited lenders continue to see high levels of demand for Covid-19 business loan schemes. Accrediting these additional finance providers means further support for smaller business customers and continues the British Business Bank’s long-term objective to offer more diverse sources of finance to smaller businesses.”