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Derin Clark

Derin Clark

Online Reporter
Published: 27/04/2020
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Four providers have been approved by the British Business Bank as new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS).

Today’s announcement will see Paragon Bank, Allied Irish Bank (GB)/AIB (NI), ThinCats and IGF (Independent Growth Finance) put in place the operations needed to start lending under the scheme and will soon be able to start taking CBILS applications from smaller businesses across the UK.

The CBILS was announced by the Government in March to provide financial support to smaller businesses across the UK that are losing revenue and seeing their cashflow disrupted as a result of the Coronavirus pandemic.

The four newly approved lenders join 48 existing CBILS accredited lenders, which are already taking applications from small businesses needing financial assistance.

Commenting on today’s announcement, Keith Morgan, CEO, 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.”

Struggling to get accepted for CBILS?

Since writing this article further lenders have been added to CBILS. Some of these are accepting applications from all eligible businesses and not just their existing customers and may also consider applications from those refused by other lenders.

Find out more in our latest CBILS article or contact our CBILS broker B2B to find out how to apply.


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