Today the British Business Bank has announced that it has accredited the Bank of India under the Coronavirus Business Interruption Loan Scheme (CBILS), and Silicon Valley Bank under the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
New CBILS lender Bank of India 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 Silicon Valley Bank 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.
Following their approval, each lender will put in place the operations required to start lending under the scheme and will confirm the dates from which they will be ready to start receiving applications from businesses across the UK.
Keith Morgan, CEO, 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.”
Government published statistics show more than one million businesses have to date benefitted from loans and guarantees worth £46.3 billion through schemes delivered by the British Business Bank. This includes 1,047,611 Bounce Back Loans worth £31.7 billion, 54,538 loans worth over £11.9 billion through the Coronavirus Business Interruption Loan Scheme and £2.7 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.