The British Business Bank has announced the approval of four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS). The new lenders include; The FSE Group, FW Capital, Mercia Asset Management and Whiterock Finance. The Bank said these lenders will be able to provide financial support to smaller businesses in the Northern Powerhouse and Midlands Engine regions, as well as Northern Ireland, that are losing revenue and seeing their cashflow disrupted, due to COVID-19.
Accreditation will now allow appointed regional fund managers to issue CBILS backed loans from the following regional funds – the Northern Powerhouse Investment Fund (NPIF) Debt Funds managed by FW Capital and Mercia Asset Management, the Midlands Engine Investment Fund (MEIF) Debt Fund managed by The FSE Group, and the Northern Ireland Growth Finance Fund managed by Whiterock Finance.
Each lender will be putting in place the operations required to start lending under the scheme and will confirm shortly the dates from which they will be ready to start receiving CBILS applications from smaller businesses across the UK.
Keith Morgan, CEO if the British Business Bank, commented on the new lenders:
“Our accredited lenders have seen an incredible demand for Covid-19 business loan schemes since they became available. Accrediting these four additional regional 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 Bank continues to review and add new lenders on a rolling basis.
More information is available here.