Four brand new mortgage lenders have received accreditation from the British Business Bank as part of the Coronavirus Business Interruption Loan Scheme (CBILS), making them eligible to provide loans.
These new lenders are Starling Bank, OakNorth Bank, Cynergy Bank and the Co-operative Bank, with each of them now able to start setting themselves up to offer loans under CBILS. The four will be announcing when they will be prepared to start accepting applications for loans from UK small businesses very soon, which will be welcome news for business owners.
At the moment, over 80% of all small firms in the UK have already established financial agreements with a lender that has been accredited by the British Business Bank under this scheme. In total, there are more than 40 of these lenders, with that number now set to increase.
More lenders are being given the necessary accreditation at a rapid rate by the bank, because it is keen to make the programme available to as many small firms around the country as possible during the crisis. The number of staff able to handle the process of accrediting lenders who apply has been increased as well, to further expedite that aim.
Speaking to Mortgage Introducer, its CEO Keith Morgan said:
“These new lenders will be able to deploy vital funding and get additional finance flowing to smaller businesses across the UK as quickly as possible.”
Mortgage advisors with CeMAP training who specialise in business loans will also be able to assist with this.
