Tagged: british business bank

British Business Bank: Recovery Loan Scheme Open for Applications

The Recovery Loan Scheme is now open for application. Administered by the British Business Bank, this is a new scheme to support access to finance for UK businesses as they turn the corner on the COVID-19 health crisis. The scheme, announced at the Budget on… Read More

British Business Bank Reports that 1.63 Million Loans Have Delivered £75.1 Billion for Firms Impacted by COVID-19

Last week, the British Business Bank updated on progress pertaining to loans given to UK firms impacted by the ongoing COVID-19 health crisis. Originated under several government programs designed to support businesses during a difficult time, the Bank said that 1,630,155 government-guaranteed loans worth £75.1… Read More

Patient Capital: UK Institutional Investors are Missing Out on Value Created by UK High-Growth Companies

Judith Hartley, CEO of British Patient Capital, has distributed feedback on the just-published British Business Bank Small Business Finance Markets Report. Hartley believes that while unicorns are an indicator of success that many firms never achieve unicorn status yet still deliver strong returns. Hartley says… Read More

British Business Bank Report Shows Surge in SME Lending, 89% in 2020 Accessed Credit Due to COVID-19

The British Business Bank reports a surge in SME lending with 89% of businesses seeking funding in 2020 because of Covid-19. The Bank’s Small Business Finance Markets report states that 45% of SMEs surveyed applied for financing in 2020 in contrast to just 13% in… Read More

British Business Bank Provides More Info on Recovery Loan Scheme and Future Fund Following Budget Announcement

The British Business Bank has distributed a response following the Budget presentation by the Chancellor of the Exchequer Rishi Sunik. The Bank has been a key factor in supporting UK businesses as it has managed a series of programs designed to backstop the economy. Within… Read More

Resolution Foundation Warns UK Government on Creating Zombie Firms, Conister Responds Saying BBLS and CBILS Kept Firms Alive

Earlier today, the Resolution Foundation published a report called On firm ground? The impact of Covid-19 on firms and what policymakers should do in response. The report seeks to assess the current state of corporates while setting out priorities for policymakers to allow enable firms… Read More

Former Crowdfunding Platform Syndicate Room Receives £10 Million Commitment from British Business Bank for Investments

British Business Investments has committed £10 million to Syndicate Room. British Business Investments is a subsidiary of the British Business Bank. Syndicate Room was previously an investment crowdfunding platform that has since migrated to a fund model. According to a noted from Syndicate Room, the… Read More

British Business Bank Publishes Data on Future Fund

The British Business Bank has published Future Fund data on the 971 companies that have been approved for £975.5 million worth of Convertible Loan Agreements since launch last May. The Future Fund is designed to support early-stage ventures that typically do not have the capacity… Read More

UK Chancellor Extends COVID Loan Schemes, Over 1.5 million UK Businesses Supported So Far

UK Chancellor of the Exchequer Rishi Sunak has extended the government-guaranteed Covid-19 business loan schemes until the end of March. The announcement was joined by confirmation that the furlough scheme has been extended until the end of April 2021. The Chancellor said: “Our package of… Read More

British Business Bank Says BBLS Open for Top Ups for Eligible Firms

The British Business Bank has distributed a note indicating that from today, participating lenders in the Bounce Back Loan Scheme (BBLS) are able to offer smaller businesses across the UK a ‘top-up’ to their existing loan if they originally borrowed less than the maximum amount… Read More

Online SME Lender Funding Circle Acquires £30 Million from British Business Investments

Funding Circle (LSE: FCH), an SME lender that facilitates loans in both the US and parts of Europe, has acquired £30 million in capital from British Business Investments. British Business Investments operates as a commercial subsidiary of the British Business Bank. Funding Circle plans to… Read More

British Patient Capital Says it Continues to Deliver on its Business Plan

British Patient Capital (BPC), a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank, says it is deliverying strong results corresponding to its business plan. BPC believes that the advent of COVID-19 will drive a wave of “tranformative” innovation. According… Read More

The British Business Bank Commits Additional £25 Million to Assetz Capital for CBILS

Assetz Capital, a peer to peer lender that originates secured loans, has received an additional £25 million from the British Business Bank for the UK Coronavirus Business Interruption Loan Scheme (CBILS). In March, Assetz Capital received £15 million from the British Business Bank to help… Read More

British Business Bank Provides Updated Future Fund Diversity Data

The Future Fund is a COVID support program for early-stage firms. The Fund provides access to capital to younger firms that do not qualify for other COVID support schemes. In brief, it is a matching program with the UK government will invest in convertible securities… Read More

British Business Bank Comments on Bounce Back Loans and NAO Investigation

The  British Business Bank has issued a response to a review by the National Audit Office Investigation into the Bounce Back Loan Scheme (BBLS).  The British Business Bank notes that the report highlights that the Bounce Back Loan scheme has succeeded in quickly supporting smaller… Read More

British Business Bank Publishes Diversity Data on Future Fund Convertibles

The British Business Bank has distributed some data points pertaining to the Future Fund on the 711 individual companies that have been approved to receive £720 million via convertible securities offerings. The Future Fund is a COVID support program that is seeking to support early-stage… Read More

UK’s P2P Lender Folk2Folk Remains Confident it will Be Approved to Issue Loans Under CBILS Scheme

UK-based Folk2Folk, a peer to peer lender supporting local and rural businesses, has confirmed that it’s still confident that it will be approved to begin lending under the country’s Coronavirus Business Interruption Loan Scheme (CBILS), even though the application deadline will come at the end… Read More

British Business Bank: Coronavirus Loans Working

The British Business Bank says the Coronavirus loan schemes are benefiting businesses in all corners of the UK. According to a note distributed by the Bank, loans are tracking the business population of each region. The loans are being provided by both traditional financial services… Read More

New Lenders Added for CLBILS While 1.2 Businesses Supported by COVID Schemes, Future Fund Grows Too

Today the British Business Bank has announced that it has approved Allied Irish Bank, Investec Bank plc, and Mercedes-Benz Financial Services UK Limited have been accredited under the Coronavirus Large Business Interruption Loan Scheme (CLBILS). These three new CLBILS lenders will be able to provide… Read More

HM Treasury Update Shows Ongoing Rise of COVID-19 Support Schemes, Bounce Back Loans Top One Million, Future Fund at £380 Million

  HM Treasury has posted its weekly update on its COVID-19 business support schemes and as one would expect the numbers continue to push higher. HM Treasury reports that more than one million businesses have been approved to receive £45 billion in financing support. In… Read More

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