UK-based Starling Bank issued an update on June 1, 2020 regarding the Bounce Back Loan Scheme (BBLS).
The British Business Bank has been approving new lenders for several COVID-19 support schemes. As previously reported, JCB Finance will join the other 18 BBLS lenders who have been accredited since the program opened last month. Metro Bank has also been added to the accredited list of BBLS lenders.
Starling Bank noted via Twitter:
“We invited 2,900 Ltd companies from our BBLS interest list to apply, and will process 1,000 applications by end of day. We’ll continue to invite established Ltd customers, and will also start inviting sole traders from next week. Thanks for bearing with us.”
On May 20, 2020, Starling Bank made changes to its process and opened a BBLS interest list for the digital bank’s existing clients.
The challenger bank claims that the new process will help it better manage demand and get decisions to its customers more quickly than before.
As explained by the digital bank:
“The business Bounce Back Loan Scheme (BBLS) is designed to help small businesses affected by coronavirus get back on their feet as quickly as possible. The scheme provides access to loans from £2,000 to £50,000. To be eligible, you must be a Starling business or sole trader account holder, using us as your primary account.”
Starling says that it will try to handle the high demand by giving priority to established businesses and sole trader customers, who may use the bank as their primary account.
Starling has invited interested parties to join its list. Eligible applicants will receive an email invite that they can use to apply for loans.
The bank clarified that it can’t guarantee that everyone who joins its list will be invited to apply.
UK Finance recently appointed Starling Bank CEO Anne Boden to its board (along with other Fintech executives).
Other members include Anne Marie Verstraeten, UK Country Head BNP Paribas; Beatriz Martin Jimenez, Global IB COO and UK CEO at UBS; Ruth Leas, CEO at Investec Bank plc; Steve Hughes, CEO at Coventry Building Society.
The UK Finance board confirmed that, from July 1, 2020, it will have achieved equal gender representation.
UK Finance currently represents over 250 companies in the finance and banking sector.
Last month, Starling Bank secured £40 million from existing investors, and has now raised a total of £100 million this year.