News

NEW LENDERS ACCREDITED TO BRITISH BUSINESS BANK CORONAVIRUS BUSINESS LOAN SCHEMES

  • Tide accredited to Bounce Back Loan Scheme (BBLS)
  • Liberis accredited under Coronavirus Business Interruption Loan Scheme (CBILS)

Today the British Business Bank has announced that it has approved two new lenders for accreditation to offer Covid-19 business loans to small businesses across the UK.

Tide will join the other 16 lenders who have been accredited to the Bounce Back Loan Scheme (BBLS), since the scheme opened last week.

Alternative finance lender Liberis has also been approved for accreditation by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS), to offer term loans.

Following their approval, each lender expects to start lending under their respective schemes shortly and will confirm the dates from which they will be ready to receive applications from smaller businesses across the UK.

Keith Morgan, CEO, British Business Bank, said: “Our accredited lenders have seen an incredible demand for Covid-19 business loan schemes since they became available. 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.”

The Bounce Back Loan Scheme has previously accredited 16 lenders. These are AIB, Bank of Ireland UK, Bank of Scotland, Barclays, Clydesdale Bank & Yorkshire Bank, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander, Skipton Business Finance, Starling Bank, The Co-operative Bank, TSB, RBS and Ulster Bank.

The accelerated accreditation process the British Business Bank has put in place for coronavirus schemes means it has been able to increase the number of lenders on the CBILS scheme by 66% since the scheme’s launch, increasing the number from 41 to 68, which includes many fintech providers.

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.

ENDS

Notes to Editors

The following lender has been newly accredited under the CBIL scheme:

LenderCBILS variantCBILS offer
LiberisTerm LoansLiberis can provide term loans from £50,001 to £150k over 12 or 24 months to smaller businesses across the UK.

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank programmes are supporting more than £7.2bn of finance to over 93,000 smaller businesses (as at end of September 2019).

As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:

  • The Business Finance Guide (published in partnership with the ICAEW and a further 21 business and finance organisations) impartially sets out the range of finance options available to businesses at all stages – from start-ups to SMEs and growing mid-sized companies. Businesses can take the interactive journey at thebusinessfinanceguide.co.uk.

 

  • The British Business Bank Finance Hub provides independent and impartial information to high-growth businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of applying for growth finance.

As the holding company of the group operating under the trading name of British Business Bank, British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, none of which are authorised and regulated by the FCA.

British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.