To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the Bounce Back Loan Scheme, whether the accreditation process for prospective new lenders can be prioritised so that support from that scheme is available to an increased number of small businesses.
15 May 2020
Accrediting new lenders for the Bounce Back Loan Scheme (BBLS) is a priority for the British Business Bank. The Bank is working at pace to accredit more lenders to further extend the Scheme’s reach and provide more choice for smaller businesses.
The Bank has put substantial additional resources in place to create a streamlined process within the Bank to help onboard new lenders seeking accreditation as quickly as possible. For example, existing lenders accredited under the Coronavirus Business Interruption Loan Scheme (CBILS) may have an expedited accreditation process for the BBLS.
There are currently 16 accredited lenders for the BBLS.