Three new lenders join Covid-19 business lending schemes

These three new CLBILS lenders 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 almost 1.2 million businesses have to date benefitted from loans and guarantees worth £50.69 billion through schemes delivered by the British Business Bank. This includes 1,135,575 Bounce Back Loans worth £34.3 billion, 58,595 facilities worth over £13.1 billion through the Coronavirus Business Interruption Loan Scheme and £3.3 billion 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.