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The Government’s British Business Bank, which oversees the Coronavirus Business Interruption Loan Scheme (CBILS), has confirmed the addition of four new lenders businesses can approach to access the scheme.
The Co-operative Bank, Cynergy Bank, OakNorth Bank and Starling Bank are now able to provide CBILS loans to businesses.
The Scheme provides UK-based SMEs with turnovers of up to £45 million access to facilities of between £1,000 and £5 million interest-free for 12 months, backed by an 80 per cent guarantee from the Government.
Amendments to the scheme announced in April mean that any business with turnovers of up to £45 million that has been affected by the crisis can access CBILS loans, even if they would otherwise qualify for facilities on normal commercial terms.
The British Business Banks says that businesses that meet the following conditions must be considered for CBILS:
The latest lenders accredited to offer CBILS loans join more than 40 lenders already lending through the scheme, including the UK’s largest high-street banks.