To ask Her Majesty's Government whether new challenger banks have been accepted as an official lender by the British Business Bank; if not, why not; what estimate they have made of the time that it will take for small and medium sized companies to be able to speak to potential lenders to access the Coronavirus Business Interruption Loan Scheme; and what plans they have to ensure that access is given promptly.
6 April 2020
The priority for the British Business Bank (BBB) has been to get the Coronavirus Business Interruption Loan scheme up and running, delivering urgently needed finance to UK SMEs. In order to achieve that, the Bank has worked with the already existing infrastructure and the 40 accredited lenders to make this operational as soon as possible. Existing lenders range from high-street banks to challenger banks, asset-based lenders and smaller specialist local lenders.
Now that the scheme has successfully launched, accrediting new partners is a top priority. The Bank has put in place substantial additional resource to assist with processing applications from new lenders as quickly as possible.
The scheme went live on Monday 23 March, so businesses are able to speak to lenders now and apply for facilities. Businesses should check on the British Business Bank’s webpage to find out which lenders are able to provide the type of finance they are looking for.