Three new lenders join Covid-19 business lending schemes
The British Business Bank has approved Allied Irish Bank, Investec Bank plc and Mercedes-Benz Financial Services UK Limited for accreditation under the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
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.
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